Oil Prices Surge Amid Hormuz Tensions; Set to Hit $110 per Barrel

New Delhi: Global oil prices have recorded a sharp increase, driven by rising geopolitical tensions in West Asia. The price of Brent crude—on which India heavily depends—has climbed by 1.23%, moving closer to the $110 per barrel mark.
The surge is largely attributed to the ongoing conflict in the region and uncertainty surrounding negotiations between the United States and Iran over the movement of ships through the Strait of Hormuz, a critical global oil transit route.
Iran has indicated that it is willing to allow vessels to pass through the Strait if the United States lifts economic sanctions. However, Washington has not yet clarified its stance, adding to market uncertainty and pushing prices higher.
Meanwhile, in India, voting across various states is set to conclude tomorrow. Reports had suggested a possible fuel price hike after the elections, but the central government has dismissed such claims, stating that there is no plan to increase fuel prices and that such reports are baseless.