The continuing conflict between the US and Iran is creating fresh concerns for global energy markets after attacks involving shipping near the Strait of Hormuz. Iran has reported attacks on vessels in the region following US strikes on Iranian oil tankers.
The developments have pushed Brent crude above the $100-per-barrel mark, raising concerns about the duration of possible supply disruptions. The Strait of Hormuz is a critical route for international energy shipments, making any prolonged disruption significant for oil-importing economies.
For India, the impact could extend beyond crude prices. Higher energy costs can increase the import bill, put pressure on the rupee and raise input costs for sectors such as aviation, logistics, chemicals, tyres and paints.
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