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Brent crude and WTI prices declined as hopes of reduced Middle East supply emerged following U.S. President Trump's comments on a potential Iran peace deal.
Image showing a petrol pump in Guwahati, Assam. (PTI)Fuel prices across major Indian cities stayed unchanged on Wednesday, May 6, despite a significant surge in global oil prices driven by the ongoing conflict in West Asia. Petrol and diesel prices remained stable in cities such as Delhi, Mumbai, Chennai, Kolkata, Bengaluru, and Hyderabad.
Meanwhile, on Monday, the Indian rupee weakened by 39 paise, hitting a record low of 95.23 against the US dollar.
Check the fuel prices in your cities here:
| New Delhi | ₹94.77 | ₹87.67 |
| Kolkata | ₹105.45 | ₹92.02 |
| Mumbai | ₹103.54 | ₹90.03 |
| Chennai | ₹100.84 | ₹92.39 |
| Ahmedabad | ₹94.70 | ₹90.38 |
| Hyderabad | ₹107.50 | ₹95.70 |
| Bengaluru | ₹102.92 | ₹90.99 |
| Chandigarh | ₹94.30 | ₹82.45 |
| Thiruvananthapuram | ₹107.48 | ₹96.48 |
Middle East conflict: What's latest?
Oil prices declined for a second consecutive day on Wednesday amid expectations that supply constraints in the Middle East could ease. This follows remarks by U.S. President Donald Trump suggesting a potential peace agreement to end the conflict with Iran.
Brent crude futures for July dropped by $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after falling 4% in the previous session. Similarly, U.S. benchmark West Texas Intermediate futures for June fell $1.50, or 1.47%, to $100.77, after a 3.9% decline a day earlier.
On Tuesday, Trump said he would temporarily pause an operation to escort ships through the Strait of Hormuz, pointing to progress toward a broader agreement with Iran. However, he did not provide specific details.
Iranian FM to visit China
Meanwhile, Iranian Foreign Minister Seyyed Abbas Araghchi is set to visit China on Wednesday, May 6, to discuss bilateral relations and exchange views on regional and international developments with his Chinese counterpart.
According to a spokesperson of the Chinese Ministry of Foreign Affairs, Araghchi's visit comes at the invitation of Chinese Foreign Minister Wang Yi, who will hold talks with the Iranian leader during his stay.
"Minister of Foreign Affairs of Iran Seyyed Abbas Araghchi will visit China upon invitation on May 6. Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs Wang Yi will hold talks with him," the spokesperson said in a post on X.
The IRNA news agency quoted Araghchi as saying, "Iran and Oman are the two coastal states of the Strait of Hormuz, making mutual consultations necessary - especially as safe passage through the Strait has become a significant global issue."
These visits are part of a broader regional engagement between Tehran and its regional partners amid the crisis in West Asia due to the Islamic Republic's recent confrontation with the US and the power struggle between the two sides over the virtual control of the Strait of Hormuz.
(With inputs from agencies)
About the Author
Mausam Jha
Mausam Jha is a journalist who focuses on world affairs and politics. She provides clear, informative reporting with a good understanding of both global events and their local impact. <br><br> Her clear, accessible reporting on political and international issues makes her a trusted source of news and analysis. <br><br> For the past three years, Mausam has worked with Mint, covering national politics, IR—including elections—and global affairs.<br> Before joining her current role, she gained experience working with The Statesman, ANI, and Financial Express, where she honed her skills in political and international news. <br><br> She has consistently tracked key electoral battles, including US elections, Japan elections, policy debates, and strategic affairs, explaining how global currents, from great power competition to regional conflicts <br><br> Beyond journalism, Mausam has a deep engagement with international relations, diplomacy, war studies, terrorism, political history, and political theory. She is particularly interested in the intersection of statecraft and society on how governance, ideology, and institutions shape lived realities, and how politics shape today's world order. <br><br> An avid reader of classical literature and political thought, she constantly explores the connections between historical ideas and contemporary policy challenges.
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