Brent crude nears $100 on US Iran geopolitical tensions
Brent crude oil prices are almost at $100 per barrel, which has people worried about things like inflation and the value of the rupee in India.
On Thursday, Brent was trading at $98.08, while US oil (WTI) was at $89.63.
The main reason for this spike? Geopolitical tensions, especially between the US and Iran, not an actual shortage of oil.
Discounted oil imports cushion India's consumers
Since India imports most of its oil, higher prices can mean everything from costlier fuel to pricier groceries and services.
While the government has ways to handle short-term shocks, if high prices stick around, we could see more expensive transport and daily essentials.
The good news: India's been smart about buying discounted oil from different countries, which is helping cushion some of the blow for now.
Analysts see spike as temporary
Analysts say this price jump probably won't stick around too long because there's actually plenty of supply globally.
But if things heat up further in global politics, we might see another spike, so it's worth keeping an eye on.