Brent climbs above $90 a barrel as fresh US-Iran conflict raises risks for India

Brent crude climbed above $90 a barrel, with the September contract trading at $92.50 (up 2.33%), as US strikes on Iran and broader West Asia tensions raised fears of energy supply disruptions. For India, the world's third-largest crude importer, sustained high prices threaten to widen the import bill, push up inflation, and complicate the macroeconomic outlook, with retail inflation already accelerating to 4.3% in June, breaching the RBI's 4% target midpoint for the first time since January 2025. India's Q1 crude import bill rose 61% year-on-year to $49.8 billion, and additional risk stems from proposed US Senate legislation that could impose tariffs on buyers of Russian energy, including India, which now sources over 50% of its crude from Moscow.