Oil prices eased on Tuesday but remained elevated, with Brent crude trading around $105.35 a barrel and US West Texas Intermediate near $92.49. The modest decline followed a sharp rise in the previous session, as traders assessed the possibility of additional Russian diesel supplies alongside continued risks to energy infrastructure in the Middle East.
Concerns remain over attacks on shipping and energy facilities in the Gulf, including incidents near the Strait of Hormuz. The route is important to global oil transportation, and any prolonged disruption could increase freight and insurance costs and complicate supplies to major importing countries.
The Russia–Ukraine energy ceasefire also remains uncertain, with reports of continued attacks on Ukrainian energy targets. For India, sustained high crude prices could increase import costs and add pressure to inflation and the rupee.
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