Oil crosses $100: Amid Iran war, supply security bigger priority for India than price
The recent conflict in West Asia has caused a 30% increase in crude oil prices, reaching $120 per barrel. This is due to fears of supply disruption and suspension of tanker movements through the Strait of Hormuz. To combat this, G7 countries may release oil from strategic reserves. The situation has also affected Asian stock markets and India's economy, which is highly dependent on oil imports.