New Delhi, May 4 -- Petrol and diesel prices remained steady on Monday while markets opened on an optimistic note on 4 May. Global oil prices jumped sharply after the Iran war with US and Israel began on 28 February. However, the Indian government continues to cushion consumers against volatility in the oil market worldwide.

Positive sentiment flooded the market after US President Donald Trump on Sunday said that Washington would guide ships not involved in the Iran conflict through the strategic waterway - Strait of Hormuz - from Monday. Even though there was no sign of progress in peace talks with Iran, the US will free up ships stranded in the critical trade route through which one-fifth of global exports take place.

Trump in a post ...