Oil Prices Soar Over 7% Amid Escalating Israel-Iran Conflict

Global crude oil prices surged by more than 7% on Monday amid escalating tensions in West Asia following US and Israeli military strikes on Iran.

The Brent crude futures rose to $82.37 per barrel, its highest level since January 2025, while US West Texas Intermediate (WTI) crude gained 7.19% to $71.86.

Rajeev Sharan, Head, Criteria, Model Development and Research at Brickwork Ratings, warned that India's reliance on imports for nearly 90% of its crude oil needs could lead to higher fuel costs, rising inflation, and a widening current account deficit if Brent prices sustain their increase.

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to resume oil production increases next month, with key members led by Saudi Arabia and Russia expected to raise output by 206,000 barrels per day.