Russia-Ukraine conflicts: Oil price surged $150 per barrel

In anticipation of assembly elections in five states, including Uttar Pradesh, gasoline and diesel prices have remained unchanged for the previous four months. Oil marketing firms (OMCs), on the other hand, are feeling the brunt of rising crude oil prices, with marketing margins slashed as a result of the Russia-Ukraine war. Oil surged beyond $150 a barrel in a tumultuous session on Friday, as concerns about Russian oil export disruptions in the face of Western sanctions outweighed the promise of increased Iranian supply in the case of a nuclear deal.