15 July 2026 at 3:16 am
Summary
Renewed tensions in West Asia are causing concern for Indian refiners as crude oil prices spike, with Brent crude rising nearly 5% on Tuesday. While India's crude supplies are currently secure, worries are increasing about a higher oil import bill, inflation, and slower economic growth if prices remain elevated.
India's current account deficit projected to widen to 1.5% of GDP by FY27 due to higher oil prices
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