President Donald Trump’s rhetoric is worrying Indian oil marketing companies.
Trump’s tweet reacting to Iranian threats of reprisal—“If they attack again, which I would strongly advise them not to do, we will hit them harder than they have ever been hit before!”—has forced Indian oil marketing companies to take a closer look at their costs.
Officials from oil companies fear that the cost of operation at refineries will go up if crude prices breach the $70 per barrel mark, as is expected by markets.
Crude oil prices closed more than 4% higher on Friday than the previous close, the highest since September, after a US drone strike killed Iranian military commander Qassem Soleimani in Baghdad, fuelling concerns that escalating US-Iran conflict may disrupt oil supplies.
