Crude oil prices are again approaching the $90-a-barrel mark, with the market reacting to slower tanker traffic through the Strait of Hormuz and the absence of a breakthrough in US-Iran negotiations. Brent was around $88.5 a barrel in Monday trading.
Higher oil prices could become a challenge for India because the country is heavily dependent on imported crude. A prolonged increase could raise the import bill and pressure inflation, while industries with high energy costs could also see their margins squeezed.
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