West Asia tensions push crude oil price up

KOCHI: The price of crude oil jumped sharply yesterday, rising from $93 to $119 per barrel. However, the price later dropped to $104 per barrel after the G7 countries announced that 400 million barrels of oil would be released into the market. Despite the fall, concerns about further price increases remain. The surge in prices is mainly due to the expansion of conflict in West Asia, disruptions in fuel transport through the Strait of Hormuz, and reduced oil production by Gulf countries.

The crisis also caused a major fall in the Indian stock market. The BSE Sensex dropped by 1,350 points, while the Nifty 50 fell by 422 points. Meanwhile, the Indian Rupee weakened further against the US Dollar, closing at a record low of 92.33, down 53 paise.