Oil Prices Soar Above $100 Per Barrel Amid West Asian Conflict

International crude oil prices have surged past $100 per barrel due to recent attacks on oil tankers and petroleum infrastructure in West Asia. This is a concern for India, which imports over 88% of its petroleum needs.

India's high energy import bill has increased by up to $2 billion annually with each $1-per-barrel rise in price. The country is among the three most vulnerable Asian economies to high oil prices, along with Thailand and South Korea.