The full story of Hormuz Tanker Strikes

Petrol and diesel prices in India remained unchanged on August 1.

Fuel rates have been stable since May 25.

Brent crude oil prices rose to around $88 per barrel due to supply concerns.

Price stability occurred despite global market volatility.

Brent crude rose 7.47% to $90.37 a barrel, while US WTI gained 7.15% to $84.93.

Renewed strikes involving the US, Saudi Arabia, and Iran-backed groups ignited supply concerns.

Iran targeted ships in the Strait of Hormuz and US bases in Jordan; US and Saudi strikes hit Iran-backed groups in Iraq.

President Trump said the US would respond with retaliatory strikes against Iran.

Analysts expect Brent oil to remain volatile in the $80-$100 range as conflict continues.

Iran's IRGC struck two oil tankers attempting to cross the Strait of Hormuz under a US air escort.

Four other tankers changed course and returned to their previous positions after the strikes.

The incident escalates tensions in the Strait of Hormuz, a critical oil shipping route.

Iran struck two oil tankers in the Strait of Hormuz under US escort.

Iran's Islamic Revolutionary Guard Corps said the tankers were non-compliant and using an undeclared route.

Four other oil tankers changed course and returned to their previous positions.

US President Donald Trump gathered his cabinet at Camp David to discuss the escalating war and rising prices.

The incident occurred as US midterm elections were forthcoming.