US-Iran tensions may spell trouble for India’s oil future and economy

Brent crude, the international benchmark for oil prices, rose 4.4 per cent to reach $69.16 a barrel at one point on Friday after the United States killed a top Iranian commander in an air strike, raising concerns about its impact on the Indian economy. The attack comes at a time when the Indian crude oil basket has averaged at $64 a barrel so far this financial year (2019-20, or FY20).

The country’s crude oil import bill is expected to increase from the earlier target of Rs 7.84 trillion which was marginally high — by 0.15 per cent Read More

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