As the West Asia conflict enters its tenth day, global oil markets are experiencing severe turbulence with significant economic repercussions for India. Brent crude, the world’s benchmark, surged past 100 dollars per barrel and reached a historic 119 dollars and 50 cents before falling slightly after indications that G7 may release strategic reserves and Saudi Arabian oil company Aramco offered spot sales. In less than three weeks, global oil prices have jumped from roughly 66 dollars per barrel to 100 dollars, rattling markets and governments. Economists warn that every 10 dollar rise in crude could reduce global GDP growth by nearly 0.5 per cent while fueling worldwide inflation. For India, which imports nearly 85 per cent of its crude oil, the stakes are particularly high. The sustained spike could sharply increase the country’s import bill and put pressure on the rupee. LPG prices have already been hiked, adding pressure on household budgets. In a written reply, Finance Minister Nirmala Sitharaman told Parliament that inflation in India is currently near the lower end of the Reserve Bank’s target band.
#WestAsiaWar #CrudeOilPrices #FuelPriceHike #itwebvideos #BrentCrude #OilPrices #IndiaEconomy #LPGPriceHike #ImportBill #GlobalOilMarket #Inflation #EconomicImpact #EnergyCrisis #RupeeUnderPressure #NirmalaSitharaman #ReserveBankOfIndia #AviationSector #SupplyShock #Stagflation #RecessionFears #G7 #SaudiAramco #StrategicReserves #FuelSubsidies #HouseholdBudget #IndiaToday
Subscribe to India Today for NEW VIDEOS EVERY DAY and make sure to enable Push Notifications so you’ll never miss a new video.
All you need to do is PRESS THE BELL ICON next to the Subscribe button!
India Today TV is India’s leading English News Channel. India Today YouTube channel offers latest news videos on Politics, Business, Cricket, Bollywood, Lifestyle, Auto, Technology, Travel, Entertainment and a lot more.
Stay tuned for latest updates and in-depth analysis of news from India and around the world!
For more updates, subscribe our channel: https://www.youtube.com/channel/UCYPvAwZP8pZhSMW8qs7cVCw?sub_confirmation=1
For LIVE updates, analysis, and expert opinions — only on India Today
NewsToday with Rajdeep sardesai: https://youtube.com/playlist?list=PLPPKwCCueQ_BDuN36y_c4eIFbbsTWudmi&si=Afk5JfoGFBsX8lvH
India First with Gaurav Sawant: https://youtube.com/playlist?list=PLPPKwCCueQ_BFk7nVk4khuMvyci5nuX4Z&si=iYuw0hIt9NTcrcOo
To The Point with Preeti Choudhry: https://youtube.com/playlist?list=PLPPKwCCueQ_AARG0z9XWZ3_lMCiLlMzfD&si=5AewBYYZZC-GkCny
NewsTrack with Marya Shakill: https://youtube.com/playlist?list=PLPPKwCCueQ_AzhqTbhMb8kfaauJmeH_IQ&si=Pzh_FY-lYsSoSEVJ
WhatsApp Channel: https://whatsapp.com/channel/0029Va2AnW3JENxxg7OuJv00
Download App: https://indiatoday.link/wHaj
Follow us: Official website: https://www.indiatoday.in/
Twitter: https://twitter.com/IndiaToday
Facebook: https://www.facebook.com/IndiaToday
