Global oil prices jumped by nearly 6% due to the escalating conflict between Israel and Hamas, marking the highest weekly gain since February. This surge has triggered concerns about potential disruptions in nearby oil-producing regions. The US imposed sanctions on tankers carrying Russian oil above $60 per barrel, impacting Russia's oil exports.
India, a net oil importer, could face a heavier import bill if global oil prices continue to rise. The Indian Rupee closed at 83.26 against the dollar. Rising oil prices may strain India's current account deficit and impact oil marketing companies' profits, possibly leading to higher retail fuel prices. The situation highlights the critical role of oil in the global economy.