Petroleum prices are likely to increase by Rs 5 to 7 in July. The recent surge in oil prices in the international market has pushed crude oil prices by $2 per barrel. The price of the American crude oil is $56.65 per barrel. The oil prices are on the rise as fears have increased of an impending clash between Iran and the US. The region exports most of the world’s oil. Any closure of the strait of Hormuz could lead to a decrease in the global oil supply.