Brent crude's premium to Middle East benchmark Dubai soared above $3 a barrel on Wednesday, market sources said, hitting its highest since late September 2023 according to LSEG data.

India's FY25 current account deficit (CAD) faces upward pressure from rising crude oil prices, with each $10/barrel increase potentially widening the CAD by $15 billion.

Brent crude surged over 4% on Tuesday (June 17) and stayed elevated through Asian trade on Wednesday (June 18). The gains came amid escalating tensions in the Middle East, where the Iran-Israel conflict has now entered its sixth day.

Weak sentiments in the domestic equity markets and FII outflows put further pressure on the rupee, according to forex traders.

Iran tensions, though supply routes remain unaffected. Indian Oil Minister Hardeep Singh Puri says there is no need to worry and assures that India has sufficient fuel reserves.

Brent crude oil prices surge, impacting oil marketing companies, aviation, and paint stocks in India. Sensex and Nifty also see losses.

Brent crude oil prices witnessed an uptick following the ongoing geo-political conflict between Iran and Israel. With this, shares of several companies engaged in crude oil ended in the red. Amid this,

Brent crude prices have surged nearly 15 per cent since May amid rising tensions between Israel and Iran, prompting inflation concerns. However, economists expect the impact on India’s CPI to remain limited.