Sri Lanka, June 17 -- Fuel prices are poised to increase during revisions expected by August because of spikes in the global market as a direct result of the conflict between Israel and Iran, a top official said yesterday.

Iran is a big oil producer, and accounts for about 3 per cent of global supplies. Sri Lanka purchases fuel from companies based in Singapore. Besides, talks are underway with the United Arab Emirates (UAE) for a fuel purchasing agreement, but it has not materialised yet.

As the conflict between Israel and Iran entered its fourth day, Brent crude rose by 0.5 per cent in trading, pushing towards US $ 75 a barrel, while US crude rose by 0.7 per cent to $73.42. Brent later dropped 0.5 per cent to US $ 73.78 a barrel.

The...