Crude Oil Prices Surge Towards $100 as US-Iran Tensions Escalate
Global crude oil prices are surging towards $100 per barrel due to escalating US-Iran tensions and dwindling hopes for Middle East peace. The conflict is pushing India's crude import costs higher, while expensive LNG and freight rates are putting additional pressure on the country's oil and gas sector.
The latest attack on Saudi Arabia's Jizan refinery has added further upward pressure to oil markets. Iran has also announced plans to establish a new shipping corridor in the Strait of Hormuz, raising concerns over tanker movements through one of the world's most important oil transit routes.
India's crude benchmark has crossed $100 for the first time since May, according to data from the Petroleum Planning and Analysis Cell (PPAC). The Indian Basket averaged $99.38 per barrel in September so far, compared with $90 in August.