Crude oil prices moved sharply higher as the latest US-Iran military escalation increased fears of disruptions to energy supplies. Reports indicated that crude was moving close to the $97-per-barrel level, putting global markets on alert.
The Middle East remains critical to global oil supplies, and any prolonged disruption could push energy prices even higher. Markets are particularly concerned about shipping routes and the security of oil transportation in the region.
For India, sustained high crude prices could affect inflation, the current account and the rupee. Oil marketing companies, airlines, paint manufacturers and other energy-intensive businesses are also likely to remain under investor scrutiny.
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