Crude Oil Climbs Above $90 as West Asia Conflict Escalates

Oil prices moved sharply higher on Monday as the renewed confrontation between the US and Iran revived fears over disruption to energy supplies. Brent crude moved above the $90-a-barrel mark, putting pressure on oil-importing economies such as India.

The Strait of Hormuz remains a major concern for energy markets because of its importance to global oil transportation. Any prolonged disruption could push freight, insurance and energy costs higher.

For India, expensive crude can increase the import bill, put pressure on the rupee and potentially raise inflationary concerns. Investors are therefore monitoring developments in the region alongside the domestic market.