Oil Climbs More Than $2 as Iran Stalemate Raises Supply Concerns

Crude oil prices moved sharply higher on Monday, gaining more than $2 a barrel, as investors grew concerned that the lack of progress between Washington and Tehran could prolong disruption around the Strait of Hormuz.

For India, sustained high crude prices could increase the country’s import bill and create pressure on the rupee. Higher energy costs could also affect transportation, manufacturing and other businesses, making crude movements an important factor for the domestic market this week.