Houthi attacks on Saudi sites lift oil prices above $103
World
Yemen's Houthi rebels just ramped up attacks on Saudi Arabia, hitting major sites like King Khalid International Airport on October 11.
The fallout? Global oil prices shot up past $103 a barrel, which stings for India since nearly 90% of its oil is imported.
India raises oil suppliers to 43
With oil import costs already at $74.85 billion in just five months of FY27, higher prices could make India's current account deficit worse and slow economic growth.
To cushion the blow, India is now buying from more countries, jumping from 27 to 43, and boosting local production through new projects like the Samudra Manthan scheme to explore offshore reserves and cut down on imports.