Crude oil prices moved higher for a third consecutive session after renewed U.S. military strikes on Iran increased concerns over energy supplies through the Strait of Hormuz. Traders remain worried that any disruption to shipping routes could tighten global crude availability.
For India, rising oil prices are a major concern as they can increase fuel costs, widen the trade deficit and put pressure on inflation. Energy-intensive sectors such as aviation, logistics and paints could also face higher input costs if crude remains elevated.
Market experts expect oil prices to remain volatile until there is greater clarity on geopolitical developments in the region.
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