Oil prices look set to rise on Monday after U.S. and ​Iranian trade threats to target energy facilities, analysts said.

Even with oil prices climbing, people in West Texas say it doesn’t feel like the start of another boom, at least not yet.

In a twist of wartime irony, the United States has moved to ease sanctions on Iranian oil to cool surging energy prices, a potential boon for Tehran.

Benchmark Brent oil ​prices jumped above $119 a barrel on Thursday, March 19 after Iran attacked energy facilities across ‌the Middle East.

By Sam Li and Lewis Jackson BEIJING, March 23 (Reuters) - China intervened to cushion rising fuel prices on Monday, increasing regulated ceiling prices for retail gasoline and diesel but limiting the hike to about half what would normally be applied under the government's pricing mechanism.

With gas closing in on $4 a gallon, the Trump administration is pulling multiple levers to tame energy prices. The results have been mixed.

Another climb for oil prices shook stock markets, as hopes collapsed for a possible cut to interest rates this year by the Federal Reserve

The overall economy has proved resilient in recent years, even as many households have struggled. The war with Iran is following the same pattern.

As of Monday (Mar 23), the petrol prices stand at Rs 103.54 per litre, whereas diesel is at Rs 90.03 per litre.