Brief by Shorts91 Newsdesk / 01:38pm on 09 Mar 2026,Monday India
Oil prices rose above $100 per barrel as the Iran war disrupted supplies in West Asia. Brent crude climbed close to $120 before easing slightly. The rise followed attacks on oil facilities and disruptions near the Strait of Hormuz. India depends on imports for more than 88% of its crude oil needs. Officials said the immediate priority is ensuring steady fuel supply rather than focusing only on price. The Strait of Hormuz handles about one-fifth of global oil trade. Tanker traffic there has slowed sharply. Government sources said Indian refiners are increasing purchases from regions outside Hormuz. They also said stocks of crude oil, petrol, and diesel are rising as more shipments arrive. (PC: The Indian Express)
