Brent crude tops $100 after US destroys 5 Iranian tankers
Brent crude oil just shot past $100 a barrel, hitting its highest in six weeks.
This jump is tied to rising U.S.-Iran tensions, including the US military's destruction of five Iranian tankers and Iran's attacks on US ships and a US military base in Jordan.
Iran said it will announce a restricted area extending from Chabahar in Iran into parts of the Gulf of Oman and the Arabian Sea, making global oil supplies feel even tighter.
India's oil import bill up 56%
Since India imports 90% of its oil, every $1 price hike costs the country about ₹18,000 crore extra each year. The import bill has already jumped 56% compared to last year.
Higher oil prices are putting pressure on fuel retailers and making LPG cylinders more expensive to supply.
If these prices stick around, we could see inflation rise further, the rupee weaken, and government spending get stretched, all things that can impact daily expenses and the overall economy.