Crude oil back above $90 a barrel. How elevated energy prices may impact various Indian sectors?
Crude oil prices surged to nearly $120 a barrel earlier this week due to the war between the US and Iran. The ongoing conflict has disrupted energy production in the Middle East and resulted in a blockade of the Strait of Hormuz, which is a vital shipping lane. The effective closure of the Strait of Hormuz amidst the Iran war has unsettled global oil markets.
After reaching close to $120 on March 9, brent crude experienced a major decline on March 10, dropping to $89. However, as of today, March 11, brent crude oil has risen by 4.04% and is trading at $92.
