Brent crude nears $118 after Houthis attacked Saudi oil refineries
Business
Brent crude oil just shot up to nearly $118 a barrel, approaching a six-month high.
The main reason? Houthi attacks on Saudi oil refineries have sparked fresh worries about global supply and ramped up tensions in the region.
Rising oil could hit India's economy
Rising oil prices could hit India hard: every $10 jump adds $12 billion to $13 billion to our import bill, says Economist and Founder, Nikore Associates, Mitali Nikore.
Higher prices mean more economic uncertainty and could slow down growth, especially if rates stay high for months.
To cope, India may need to focus more on managing debt, keeping inflation in check, and fiscal sustainability.