Iran-Hormuz Crisis Keeps Petrol-Diesel Prices Stable, But What Next? Petrol and diesel prices remained unchanged in India on August 7 despite rising Brent crude prices amid Iran-Hormuz tensions. Prices of Brent crude, which serves as the benchmark for the global oil market, was being quoted at about $83.45 a barrel. Oil prices continued to be influenced by the uncertainties of the movement of ships through the crucial route. Iran Conflict Keeps Oil Markets Under PressureThe latest rise in crude prices is linked to escalating tensions between the US and Iran.