Brent Crude Surges Past $90 as US-Iran Conflict Escalates

Brent crude prices surged above $90 a barrel on Thursday following fresh US-Iran conflict, heightening concerns over India's import bill and energy security.

The September Brent contract traded at $92.50 a barrel at 12:40 pm, up 2.33% from the previous close, after surging nearly 8% in the previous session to an intraday high of $90.8 a barrel.

The US strikes on Iran in retaliation for Tehran's attacks on American military assets raised fears that the conflict could spill over into West Asia's energy infrastructure.

For India, sustained high oil prices threaten to widen the import bill and fuel inflation, with a $1-a-barrel increase over a year potentially adding ₹18,000 crore to the country's import bill, according to Bank of Baroda estimates.