Petrol and diesel prices today, 24 August: Fuel rates remained unchanged across major Indian cities on Monday as oil prices eased. Amid global energy crisis due to West Asia conflict, state-owned fuel retailers continue to shield consumers from oil price volatility and fluctuation.

Fuel rates across major Indian cities recorded marginal changes as they are revised at 6:00 AM daily because India follows dynamic fuel price method. Oil Marketing Companies (OMCs) last brought about major price revision on 25 May, since then fuel prices have been steady.

Oil prices slipped on Monday as investors await details of US sanctions on Iran which may further disrupt energy supplies from West Asia. The global benchmark Brent crude plunged 1.0% and traded around $93.43 a barrel 1.0% after gains of 6.6% last week while US crude slipped 1.1% to $86.14 a barrel, reported.

Amid US-Iran deadlock on peace talks, both contracts posted their second weekly gains last week and rose more than 5%. Due to continued US blockade of Iranian ports, oil shipments through the Strait of Hormuz thinned which once handled 20% of global oil and gas supplies.

US Treasury Secretary Scott Bessent is all set to hold a press conference at 2 pm EDT today following US President Donald Trump's economic pressure campaign threat for Tehran and its trading partners, including China.

Vowing to severe all economic ties and isolate Iran, Scott Bessent in a post on X stated, “President Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program. We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary.”

According to trade sources, offers of Iranian crude to Chinese buyers have declined and prices jumped due to US blockade of Iran's shipments. As per Iran’s state news agency IRNA, Iraqi oil tankers were granted permission to transit through Hormuz following repeated requests.

Commonwealth Bank of Australia commodities analyst, Vivek Dhar, said, “It is unclear whether US policy to economically isolate Iran will prove effective,” reported. He added, “But if the US measures do work as intended, Iran's ability to respond via increased violence becomes a growing risk for energy markets to consider.”

Even as Tehran condemned Trump's new sanctions and called them ‘economic terrorism,' and ‘crimes against humanity’, Iranian President Masoud Pezeshkian pushed for a diplomatic solution.

Fareha Naaz is a Delhi-based journalist and Content Producer at LiveMint, where she has built nearly three years of experience in digital journalism. She covers a diverse range of topics, including national news, education, entertainment, lifestyle trends science, global health and international news.

With a background in Economics and Education, she focuses on providing insightful, thoroughly researched coverage that bridges the gap between breaking news and in-depth analysis. In addition to breaking copies, legal and political news, her reporting blends editorial rigour with search-driven storytelling. With a keen eye-on-global events, she provides insightful coverage on latest developments. Her reporting combines editorial rigour with in-depth coverage and search-driven storytelling provide valuable insight and context to readers, ensuring accuracy and relevance.

Her newsroom experience helped her in combining her critical thinking skills with real-time editorial decision-making. Over the years, she has been presenting complex stories with clarity for a digital-first audience amid fast-paced news cycles. Her thoroughly researched stories, with well-structured and engaging content, provide readers with clear understanding of the context and background.

Fareha holds a Master’s degree in Economics, in addition to a Bachelor of Education degree.

When not in the newsroom, she enjoys painting and sports, reading books and current developments.

Stay updated with the latest Trending, India, World and US news.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.

Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.