Crude oil surged for a second day, with Brent crude climbing to $83.48 per barrel after Iran proposed restricting "hostile" vessels in the Strait of Hormuz.
The proposal, coordinated with Oman, aims to impose severe cargo levies and could disrupt roughly one-fifth of global oil trade passing through the strategic chokepoint.
For India, the world's third-largest oil importer, the price spike reignites inflation fears...
