The Middle East conflict intensified further after fresh attacks increased concerns about the security of energy infrastructure and oil supplies. Brent crude climbed towards $100 per barrel, marking one of the biggest concerns for global markets.
Iranian-backed Houthi forces reportedly launched attacks on Saudi cities, while US forces struck Iranian oil tankers. Iran also carried out an attack on a US base in Jordan, highlighting the growing risk of a wider regional conflict.
The sharp rise in oil prices has revived fears of higher inflation worldwide. For India, the situation is particularly important because the country is one of the world’s largest crude oil importers. A prolonged period of high crude prices could affect inflation, the rupee, the import bill and corporate profitability.
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