Global crude oil prices continued to trade above US$85 per barrel as renewed tensions between the United States and Iran raised concerns about possible disruptions to energy supplies through the Strait of Hormuz. The strategic waterway carries a significant share of the world’s crude exports, making any escalation a key risk for global markets.
Higher crude prices remain a concern for India, which imports the majority of its oil requirements. Economists warn that prolonged strength in oil prices could increase inflation, widen the current account deficit and pressure sectors such as aviation, logistics and paints.
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