US-Iran Conflict Sends Brent Crude Prices Soaring Above $90

The escalating US-Iran conflict has pushed Brent crude oil prices above $90 per barrel for the third consecutive session, causing concern for global energy markets and India's economy.

Oil prices have risen due to investors' fear of further disruption to Middle East energy supplies and the uncertainty surrounding the Strait of Hormuz. The US and Iran have failed to secure a clear path towards a broader settlement, and shipping through the Strait remains under pressure.

The Indian rupee is facing additional pressure as crude prices rise, with India importing a large share of its crude requirements. A sustained increase in oil prices can raise the country's import bill and increase demand for US dollars.