Oil prices surge to six-month highs as Houthi attacks roil markets

Global crude oil prices extended their upward momentum Friday, with Brent futures touching an intraday high of $114.94 per barrel as escalating Houthi attacks on Saudi Arabia's civilian and energy facilities stoked concerns about regional supply disruptions.

The latest strikes on Saudi infrastructure have intensified jitters in international energy markets already grappling with supply chain uncertainties. India, which depends heavily on crude imports, has felt the impact acutely, with the country's crude oil basket averaging $120.08 per barrel so far this month—reflecting the broader global price pressures.

The elevated crude costs are translating into higher fuel prices for Indian consumers. Adani Total Gas, one of India's major compressed natural gas (CNG) retailers, raised prices by ₹4.45 per kilogram Friday, adding to the burden on commuters and commercial transporters who rely on the cleaner-burning fuel.

Analysts expect continued volatility in energy markets as long as tensions in the Middle East persist. The situation underscores India's vulnerability to external shocks in global oil markets and the cascading impact on domestic inflation and transportation costs for both individuals and businesses across the country.