Brent Crude Nears $118, Hits Near 6-Month High: What Rising Oil Prices Mean For India

Brent Crude Nears $118, Hits Near 6-Month High: What Rising Oil Prices Mean For India (File photo)

Crude oil prices have surged in early trade on Friday on supply concerns after Houthis stepped up attacks on Saudi Arabia. Brent Crude prices trade past 117.54 dollars per barrel and are nearing 118 dollars per barrel (at the time of filing this copy).

On Thursday, the Houthis said they had attacked several sites in Saudi Arabia, including its largest oil refinery, Ras Tanura, the Rabigh refinery and an Aramco facility in Abqaiq, while a Saudi-led coalition said it had intercepted a cruise missile launched by the Houthis towards the kingdom's western region. Experts believe this action around the Strait of Hormuz are keeping oil prices elevated in expectation of a further escalation of the conflict in coming weeks as well as raising supply worries.

As far as what this consistent rise in oil prices means for India, Economist and Founder, Nikore Associates, Mitali Nikore told Times Now Digital, "Every 10 dollar on the barrel adds an estimated 12 billion dollars to 13 billion dollars to India's net oil import bill. The uncertainty is the main difficulty, as the results of diplomatic efforts…

Original source: https://www.timesnownews.com/business-economy