New Delhi: Rising tensions between Iran and Israel have triggered a sharp spike in global crude oil prices, sending Brent crude — India’s key oil benchmark — surging past $75 per barrel. The 1.24% uptick from the previous day’s close reflects growing concerns over supply disruptions in the region.
The escalation began after Israel’s airstrike on Iran, prompting oil prices to jump nearly 8% on Friday alone. Analysts warn that continued instability could drive prices past $100 per barrel, with financial giant JP Morgan predicting a potential surge to as high as $120.
India, which imports around 85% of its crude oil needs, could face significant cost pressures if the upward trend persists. Though India currently does not import oil from Iran due to U.S. sanctions, any disruption in global oil supply could ripple across economies.
The mounting geopolitical crisis has raised fears of an imminent hike in domestic fuel prices, threatening to impact transport costs and strain household budgets across India.
