Petrol, diesel prices today: Check fuel rates in Delhi, Mumbai, Bengaluru, Kolkata as Crude oil weighs Iran-Oman deal

Petrol and diesel prices today, 8 August: Retail petrol and diesel prices across major Indian cities held steady today even as Brent notched a third straight weekly loss to settle above $83 a barrel. Fuel rates set by state-run Oil Marketing Companies (OMCs) continue to align with the last major price revision that came about over two months ago, on 25 May. Consumers continue to be shielded from market fluctuations and remain insulated from volatility in oil prices.

Crude oil price today

Brent crude, the global benchmark, has been highly sensitive to developments around the terms and timing of a potential pact between US and Iran on the Strait of Hormuz waterway that could restore millions of barrels of West Asian energy supply. Crude oil, the international standard, climbed 1.3% to settle at $83.55 a barrel on Friday while West Texas Intermediate crude fell 0.3% to $77.06 a barrel.

Optimistic sentiment swept through the market after Reuters reported that the US will lift its naval blockade on Iran once the Iran-Oman deal is reached and commercial shipping is restored “without impediments.” Following this development, Oil steadied and reversed gains in post-settlement trading.

US Bank Wealth Management senior investment strategy director Rob Haworth said, “Deals to reopen the Strait of Hormuz remain elusive, with investors teetering in the balance.” He added, “For now, traffic remains low and the path to a durable deal remains unclear.”

Check latest petrol and diesel price in your city on 8 August

US-Iran war update

Progress in Iran and Oman talks on Friday as confirmed by a US official to Reuters signals that oil exports that have been disrupted by the five-month-old war could resume in the near term as Washington anticipated an agreement soon between the two countries.

"There is progress between Oman and Iran on the strait, and we expect a deal soon," Reuters quoted a US official as saying. He added, “Once the deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports.”

As negotiations move closer to a potential agreement, US President Donald Trump on Thursday expressed optimism that fuel prices could decline and said progress in the talks could help stabilise one of the world's most critical maritime trade routes for oil shipments, according to Fox News. Exuding confidence that the conflict involving Iran would end "pretty soon," Trump asserted he did not believe the Islamic Republic could sustain the confrontation much longer.

Over the ongoing diplomatic efforts, he stated, “I think we're doing very well. I am involved in the negotiations. I think we are doing fine... it could be soon.”

US allies sign a new security pact

Saudi Arabia, Pakistan and Turkey, US allies with majority Sunni Muslim, signed a joint defense agreement in Mecca on Friday amid regional conflagration after Iran-backed Houthis opened another front to the war. The pact stipulates that an armed attack against any of the three would be regarded as an attack on all, Reuters reported.

Gold price today

Gold extended gains for the fourth consecutive session, rising by ₹200 to ₹1.54 lakh per 10 grams in Delhi on Friday amid weaker US dollar and softer crude oil prices. In the international market, the yellow metal hit seven-week high, climbing 3.1% to $4,371.93 an ounce, registering the highest rate since mid-June.