Oil prices surge nearly 10% as West Asia conflict escalates
Oil prices shot up nearly 10% on Monday after new conflict erupted in West Asia, especially around the crucial Strait of Hormuz.
Brent crude hit $81.87 a barrel and was trading at $78.42, while US oil also surged.
The spike follows US and Israeli attacks on Iran that killed its Supreme Leader, sparking retaliatory strikes by Iran's forces on American bases.
India feels the heat
The Strait of Hormuz is a lifeline for global energy—nearly 20% of global petroleum liquids and 20% of global liquefied natural gas shipments transit through this route.
With fighting nearby, there are real concerns about supply disruptions.
India is feeling the pressure most: it meets nearly 90% of its oil requirement through imports, and with Russian imports down, rising prices could mean bigger bills and headaches for Indian refineries searching for alternatives in the US or Africa.