Oil markets remain sensitive to the risk of further disruption in the Middle East, where reported attacks involving tankers in the Strait of Hormuz and strikes affecting Saudi infrastructure have heightened concern about energy shipments. Although crude prices eased from recent highs on Monday, the possibility of supply interruptions continues to influence market expectations.
In India, elevated oil prices are an important external risk because the country relies heavily on imported crude. Reuters reported that the rupee was expected to remain near the Rs.95-per-dollar level as the Reserve Bank of India’s market measures helped counter depreciation pressure. The currency’s near-term direction will depend on oil prices, dollar demand, foreign investment flows and further central-bank action.
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