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Indian Crude Oil Prices Surge 11% Amid Red Sea Disruptions

Guavy AI Editorial Team
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Indian crude oil prices jumped significantly to $103.33 per barrel on Thursday, reaching a two-month high due to disruptions in the Red Sea and Strait of Hormuz.

The disruption led to an 11% increase in the Indian basket of crude oil, with global benchmark Brent crude also rising but easing marginally to $97.08 by Friday evening.

This sharp increase has raised concerns about under-recoveries for oil marketing companies if retail pump prices remain unchanged, as international FOB (free-on-board) prices of petrol and diesel have surged.

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