Petrol and diesel prices today — 20 Aug: Latest fuel rates in Delhi, Mumbai, Bengaluru as Trump targets Iran’s economy

Petrol and diesel prices today, 20 August: Fuel rates across major Indian cities remained largely stable on Thursday, with only marginal adjustment reported in some. This comes as global oil prices held a four-day run of gains. State-run fuel retailers that set petrol and diesel prices continue to shield customers from global oil price volatility and fluctuation.

As traders assess the standoff in West Asia between Iran and the US, crude oil price continue to be under pressure. Crude has rallied steeply this year as the two sides vie for control of the critical trade route the Strait of Hormuz through which one-fifth of global oil and natural gas traded.

Check latest petrol and diesel prices in your city on 20 August

*Source: Goodreturns

Crude oil price today

Crude prices climbed on 20 August amid escalating tensions in West Asia and widening of the regional conflict. The uptick in global benchmark Brent was noted as the United Arab Emirates announced that it was cutting all economic ties with Tehran after accusing Iran of firing ballistic missiles at its territory. Crude oil gained more than 5% over the last four sessions and traded below $92 a barrel, while West Texas Intermediate for October stood near $84, Bloomberg reported.

US-Iran war update

US President Donald Trump announced a fresh package of economic measures intended to pressure Iran as the war drags on in its sixth month. In a post on Truth Social, Trump claimed to have given “the Islamic Republic of Iran a greater opportunity to make a Deal” as he announced moves of “Economic Warfare and Isolation on an unprecedented scale."

He further cautioned other sovereign states of tremendous economic consequences if they extend any aid to Iran's" financial institutions, businesses, airports, or government entities," marking a shift in strategy from military options to economic pressure. Activities such as “Oil smuggling, swap lines, cash transfers, exchange houses, ship registries, front companies,” he wrote. He even appealed to his allies for support and said, “This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat.” Meanwhile, the US forces continue to sustain a naval blockade of the Islamic Republic’s ports amid deadlock over peace deal.

The head of Iran’s Armed Forces General Staff, Ali Abdollahi, on Wednesday warned countries against aiding America and in a statement said Gulf states “should know that nothing escapes our attention,” the state-run Islamic Republic News Agency. He added, “We warn that any assistance or facilitation provided to the aggressor US military constitutes participation with US military forces.”

Columbia University’s Center on Global Energy Policy senior research scholar Karen Young said, “If President Trump wants Iran to back down, there will have to be concessions,” Bloomberg reported. He added, “And what Iran wants are access to frozen assets and it wants sanctions relief, that would be part of any negotiation. But that’s not part of the talks right now as far as we know.”