Inflation : The ongoing unrest in the Middle East is now going to have a terrible effect on the outside world as well. The people of India can also be badly affected by it. Due to the sanctions of the European Union on Russia and Iran, the supply line of crude oil has started weakening. Due to this, there may be a shortage of oil in the international market. Due to this apprehension, the price of crude oil has gone up by six percent in the last five days. Which is the highest level in the last three weeks. If this situation remains and the price of crude oil does not come down in the international market, then petrol and diesel can become expensive in India too. Due to this, the common people will also have to bear the brunt of inflation.

The reduction in US market rates also had an impact

On one hand, due to reduced supply of crude oil and on the other hand due to increased purchase of crude oil due to reduction in US interest rates, the prices of crude oil have increased in the international market. The US Federal Reserve is continuously promoting the demand for crude oil as a global fuel. Due to this, Brent futures rose by $ 1.08 or 1.5 percent to reach $ 74.49 per barrel. US West Texas Intermediate (WTI) crude rose by $ 1.27 or 1.8 percent to reach $ 71.29. This was the highest price of crude oil in the last three weeks. At the same time, WTI has registered a six percent increase in crude oil in the period from Monday to Friday i.e. five days. It closed at its highest level since November 7 last Friday. In the Indian market, crude oil futures on the Multi Commodity Exchange (MCX) closed 1.1 percent higher at Rs 6,044 per barrel.

Oil prices will rise further

Market experts believe that crude oil prices will rise further. Chinese data shows that crude oil imports from China, the world's largest importer, increased in November on an annual basis for the first time in seven months. It will remain at a high level till the beginning of 2025. The European Union has also agreed to impose several sanctions against Russia. The US is also considering several such steps. It is clear from this that oil prices are likely to rise further in the international market.