New Delhi, July 20 -- Petrol and diesel prices today, 19 July: Retail fuel rates in India held steady on Monday despite elevated energy prices due to renewed hostilities between the United States and Iran. The benchmark Brent crude surged last week amid geopolitical tension in West Asia, erasing a roughly 30% decline in the second quarter.

The US-Iran war, now in its fifth month, is again driving up energy prices and intensifying volatility which may give way to hawkish Federal policy. Even though soft US economic data suggested that a rate hike isn't likely in the near term but recent escalation in hostilities has raised concerns that the Fed may eventually tighten monetary policy.

Notably, state-run Oil Marketing Companies (OMCs) dete...