Oil prices up 2% amid escalating war in West Asia, closure of Strait of Hormuz
Crude oil prices rose over 2% on Tuesday morning as the ongoing war in West Asia and fears of a prolonged disruption in the Strait of Hormuz pushed up global energy costs.
The spike underscores how geopolitical tensions can tighten supply and transmit price shocks to import-dependent economies like India, raising risks for inflation, fuel costs and household energy access.
