Oil crosses $105 a barrel as West Asia hostilities escalate
Brent crude crossed $105 per barrel, rising over 4%, as Houthi militia captured the Red Sea city of Mocha and advanced toward the Bab-al-Mandeb strait. The escalation threatens to disrupt Saudi crude exports and heightens risks to global oil supplies. India, which imports about 90% of its crude, faces a higher import bill, with the April-July crude import bill already up 56% year-on-year to $63.37 billion.
Why it matters: This matters for the theme of energy security because the surge in crude prices threatens to inflate India's import bill and add to inflationary and fiscal pressures.