Crude oil prices steadied today after a sharp surge in the previous session, driven by escalating tensions in West Asia.
US crude futures rose 1.4% to $72.23 per barrel.
Brent crude gained nearly 1.9%, trading at $79.2 per barrel.
Prices spiked earlier following Iran’s retaliatory strikes on oil and gas facilities, raising fears of supply disruptions.
About 20% of global oil flows pass through the Strait of Hormuz, including over 40% of India’s crude imports.
Analysts warn that if disruptions persist, Brent crude could climb to $100–120 per barrel.
India has assured that it holds 50 days of oil stocks, including 25 days of crude reserves plus refined products, providing some buffer against immediate supply shocks.
