India expresses concern over rising oil prices following developments in Strait of Hormuz

NEW DELHI: India on Friday expressed concern over developments in the Strait of Hormuz impacting oil prices and sought OPEC-kingpin Saudi Arabia’s active role in keeping rates at reasonable levels.

Brent oil Thursday jumped about 5%, the most since January, and is now trading near $65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces.

Oil Minister Dharmendra Pradhan discussed the situation with Saudi Oil Minister Khalid Al Falih.