Oil price soars close to $100/barrel on fresh Mideast attacks, fears over war widening

Brent crude surged close to $100 per barrel, rising 4.8% to $98.60, while WTI climbed 4.3% to $90.56, after Iran-backed Houthi rebels targeted Red Sea shipping and Iran warned of continued strikes. Analysts warned that disruption to key energy routes including the Strait of Hormuz and the Red Sea could keep oil prices elevated, raising prospects of higher inflation and interest rate hikes. The development carries significant implications for India as a major oil importer, affecting current account deficit, rupee, and domestic inflation.