NEW DELHI: The Finance ministry is keeping a close eye on the situation in the Middle East however, they are not overly concerned about crude oil prices , according to news agency PTI citing government sources.
The sources further said that the government has all the necessary tools to handle fluctuations in crude oil prices.
According to the sources, India has witnessed significantly higher crude oil prices in the past, and the current prices have not reached those levels yet.
Earlier, crude oil futures surged up to 5 per cent during Thursday's intraday trading session following US President Joe Biden 's statement that his administration would back Israel in attacking Iran's oil facilities while the November delivery of Brent crude saw a 4.8 per cent increase, reaching a trading price of $77.44 per barrel.
The sources further said that the government has all the necessary tools to handle fluctuations in crude oil prices.
According to the sources, India has witnessed significantly higher crude oil prices in the past, and the current prices have not reached those levels yet.
Earlier, crude oil futures surged up to 5 per cent during Thursday's intraday trading session following US President Joe Biden 's statement that his administration would back Israel in attacking Iran's oil facilities while the November delivery of Brent crude saw a 4.8 per cent increase, reaching a trading price of $77.44 per barrel.
