Brent crude tops $86 amid US Strait of Hormuz blockade
Brent crude oil just shot past $86 a barrel, its highest in a month, thanks to rising tensions in West Asia.
The US has brought back a naval blockade on Iranian ships in the Strait of Hormuz, and recent strikes on Iran are making people worry about less oil coming out of the Persian Gulf, which is a big deal for global supply.
UAE says 2 tankers badly damaged
The United Arab Emirates says two oil tankers were badly damaged in the Strait of Hormuz.
Along with reports of Iranian ships sneaking through under sanctions, experts think shipping could drop to as little as 5% to 15% of normal levels, possibly sending Brent crude toward $95.
For India, this price surge means higher import costs and inflation worries: oil companies are already feeling the pinch after prices jumped nearly 10% on Monday and extended gains by as much as 3.6% on Tuesday.