Oil prices climbed as supply concerns intensified, with disruptions to shipping through the Strait of Hormuz and fresh attacks on energy infrastructure in the Middle East and Russia adding to market uncertainty. (File Photo)
\n\nGlobal crude oil prices have surged to the $110-per-barrel mark as escalating geopolitical tensions and uncertainty over supplies fuelled fresh buying. The rally could add to India's oil import expenses at a time when the country remains heavily dependent on overseas supplies to meet its energy requirements. Brent crude gained 3.7 per cent, recording its second consecutive weekly advance as concerns over attacks on energy infrastructure in the Middle East and Russia-Ukraine conflict intensified.
\n\nTraders are increasingly factoring in the possibility of further disruptions, even as crude shipments through the strategically important Strait of Hormuz have recovered towards pre-war levels.
\n\nIndia's crude oil basket has also remained elevated. According to the data provided, the Indian Basket averaged $122.01 per barrel in October 2026, compared with $116.09 in September. The October figure is the average for the month so far, while the Indian Basket was quoted at $119.39 per barrel as of October 15.
\n\nIndian Crude Basket: October Average Climbs Above $122
\n\nThe Indian Basket of Crude…
Original source: https://www.timesnownews.com/business-economy
