How Much Has Crude Oil Gotten Costlier in Two Months, the Prices Will Blow Your Mind

New Delhi: Due to escalating tensions in the Middle East, the threat of rising petrol and diesel prices now looms over the entire world. Currently, no middle ground appears to be emerging for a potential agreement between the United States, Israel, and Iran. Two months ago—on April 28, 2026—the U.S. launched a major attack on Iran. Tensions have persisted ever since.

This situation is now impacting the crude oil market. Between February 28 and May 5, 2026, crude oil prices have surged by up to 65 per cent, causing the situation to deteriorate further. Additionally, aluminium prices are also being recorded at significantly higher levels. Furthermore, other metals such as copper and zinc are also witnessing a phase of marginal price increases. In fact, in response to the U.S. attack, Iran had blockaded the Strait of Hormuz. This action brought the supply of crude oil and natural gas to a complete standstill.

Crude Oil Prices Surge by Over 6 Per cent

Ajay Kedia, Founder and Director of Kedia Advisory, stated during an interview with a TV channel that since the attack on Iran on February 28, crude oil prices have risen by 65. er cent. He noted that on February 28, the price of crude oil stood at ₹6,092 per barrel, which subsequently climbed to ₹10,057 per barrel by May 4. The intense conflict between the U.S., Israel, and Iran has triggered significant volatility in crude oil prices—an impact that is now being felt across numerous countries worldwide.

Massive Surge in Aluminum Prices

According to Ajay Kedia, during this period, aluminium prices surged by 11 per cent,t rising from ₹312.80 to ₹371 per kilogram. Copper prices rose by per cent, reaching ₹1,276.75 per kilogram (up from ₹1,222.35), while zinc prices increased by per cent, reaching ₹342.25 per kilogram (up from ₹326.55). Iran Had Blocked This Route

For context, Iran had launched missile and drone attacks against several U.S. bases located in the Gulf nations. Consequently, tensions escalated across the entire Middle East. Amidst this situation, Iran completely blocked the Strait of Hormuz, which falls under its control. The closure of the Strait of Hormuz brought the global supply of crude oil and natural gas to a standstill.