Crude oil prices softened on February 23, 2026, after last week’s rally driven by Middle East tensions. Benchmark Brent crude was trading around US$71.28 per barrel, down 0.67% over the past 24 hours, while West Texas Intermediate (WTI) stood at US$65.72 per barrel, lower by 1.14%.
The pullback comes as markets reassess geopolitical risks, including reported US–Iran talks in Geneva, even as concerns around supply policy from OPEC+ continue to shape sentiment. For India, which imports the bulk of its crude requirements, the impact of global oil prices is closely linked to currency movements, retail fuel prices and sectoral performance in equities.
For India, crude price movements translate directly into changes in the import bill, especially when combined with currency weakness. The latest available RBI reference rate shows USD/INR at 90.9518 on February 20, 2026. A weaker rupee increases the landed cost of oil, even if global prices moderate.
Retail fuel prices in Delhi, as reported by Indian Oil Corporation outlets on February 20, stood at:
State taxes remain a significant component of pump prices. In Delhi, VAT is listed at 19.40% on petrol and 16.75% on diesel, along with an additional ₹250 per kilolitre air ambience charge on diesel. Central levies, including agriculture infrastructure and development cess (AIDC) and road and infrastructure cess, further add to the overall tax structure.
Indian equities have shown resilience despite oil volatility. The Nifty 50 rose from 25,048.65 on January 23 to 25,571.25 on February 20, marking a gain of about 2.09% over one month.
However, oil price spikes have triggered sectoral divergence. On February 19, the Nifty fell 1.41% as crude surged, reflecting pressure on oil marketing companies and fuel-sensitive sectors. Upstream oil producers, on the other hand, typically benefit from higher crude realizations.
Over the one-month period from January 23 to February 20:
| Company | 1-Month Change (%) |
| Oil and Natural Gas Corporation | +13.52% |
| Bharat Petroleum Corporation | +4.91% |
| InterGlobe Aviation | +3.19% |
Read more: Stocks to Watch on Feb 23, 2026: NCC, IDFC First Bank, Bharti Airtel, Allcargo Terminals and Others.
Crude oil prices have eased on February 23, 2026, but remain elevated relative to recent averages, keeping India’s import bill and inflation outlook in focus. With Brent near US$71 per barrel and the rupee around 90.95 against the dollar, the cost of oil imports continues to weigh on macro calculations.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Feb 23, 2026, 8:41 AM IST
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