Commodities
India's Crude Basket Price Soars to $91.16 as US-Iran Tensions Escalate
India's crude basket price has risen to $91.16 per barrel due to renewed US-Iran tensions, which have pushed up global oil prices.
The Indian crude oil basket reflects the average cost of crude oil imported by the country and had surged to $113.49 in March before easing steadily.
With India meeting over 85% of its crude needs through imports, a sustained price rally would inflate the country's import bill and stoke inflation, analysts say.