Oil prices extend gains on West Asia supply concerns

Global oil markets extended their upward trajectory for a fifth consecutive session, driven by mounting anxieties over energy supply disruptions stemming from the prolonged conflict in West Asia. Brent crude, the international benchmark, climbed to $91.87 a barrel, while West Texas Intermediate (WTI) crude advanced to $86 per barrel, reflecting growing investor concerns about regional stability.

The sustained rally underscores market nervousness about the geopolitical risks facing one of the world's most critical energy-producing regions. With several major oil producers concentrated in the Middle East, any escalation of hostilities poses significant risks to global supply chains already strained by production constraints elsewhere.

For India, which imports nearly 80 per cent of its crude oil requirements, the price surge carries direct implications for fuel costs and inflation. Rising oil prices typically translate into higher petrol and diesel prices at the pump, adding pressure to household budgets and manufacturing costs.

Energy analysts note that markets remain hypersensitive to any developments from the region. Further escalation of tensions could push prices higher, potentially triggering broader economic consequences across Asia, where energy-hungry economies remain vulnerable to crude oil price shocks.