Fuel prices on 18 August: Here's how much petrol, diesel cost in Delhi, Mumbai, Bengaluru today — Check full list

Petrol and diesel prices today, 18 August: Fuel prices across India remained largely stable on 18 August, with only marginal changes reported in some states, while rates remained unchanged in several others. This comes as global oil prices climbed amid dimming prospects for peace in the Middle East, with US President Donald Trump not seeking an extension of the 60-day negotiation window that ended on Monday (local time).

Oil prices climb

West Texas Intermediate (WTI) rose 0.6 per cent to around $85 a barrel after Trump said he had no interest in extending the expiring agreement with Iran, while fresh fighting erupted in Lebanon. Meanwhile, the global benchmark Brent crude closed above $91 per barrel on Monday after closing at its highest level since late July.

Crude prices have surged roughly 50 per cent this year as the five-month war drags on, impeding flows of energy from the conflict-hit region. However, oil producers in the Persian Gulf appear to be finding more effective ways to move crude through the Strait of Hormuz and supply international markets. Saudi Arabia is now offering shipments from locations outside the chokepoint, suggesting it could be adopting a strategy similar to that of the United Arab Emirates to keep its oil exports flowing.

Since retail fuel prices are decided by state-run oil marketing companies (OMCs), Indian consumers continue to be shielded from volatility in global energy prices.

Check the latest petrol and diesel prices in your city on 18 August

*Source: Goodreturns

US-Iran war update

On Monday (local time), a senior Iranian official told Reuters that the country is now planning to shift to a "fully offensive" military doctrine after efforts to negotiate a permanent deal with the United States have stalled, in a move that has now sparked fears of a wider escalation. The warning came after the US President ruled out extending the interim ceasefire agreement between Washington and Tehran. The senior Iranian official noted that Tehran was prepared to take "difficult decisions" if diplomacy failed, warning that the Islamic Republic could launch a "timely and precise" military operation to break the US naval blockade.

Separately, Turkish President Recep Tayyip Erdoğan held a phone call with Trump on Monday and urged him to pursue peace talks with Iran and offered Ankara's support. In a statement on Tuesday, the Turkish presidency said, "Erdogan stated that it is of great importance to make the utmost of diplomacy regarding the tensions between Iran and the United States, that we hope the talks will continue, and that Turkey will continue to support peace efforts."

The developments come as Iran and Oman continue to negotiate an agreement on how the Strait of Hormuz should be managed; however, the United States is not part of those discussions. In an interview with Fox News earlier, the US President warned that if “Oman gets in the way we’ll bomb the s—— out of them,” without giving any further details. He made a similar threat in May. While Muscat is not a formal US military ally, it has served as a close US security partner.