US-Iran conflict sends crude oil prices soaring: Impact on India
Business
The U.S.-Iran conflict has shaken up global oil markets, with the Strait of Hormuz blockade sending crude oil prices on a roller coaster, spiking to nearly $120 per barrel before settling at $92 on March 11.
This jump is making fuel and everyday costs more expensive for everyone, including in India.
Rising oil prices may lead to increased inflation in India
Since India relies heavily on imported oil, rising prices hit hard.
Sectors like transport, manufacturing, and FMCG are seeing higher costs, which could mean pricier goods and services for consumers.
If tensions drag on, experts warn it could push inflation up even more and squeeze both businesses' profits and people's wallets.