Global crude oil prices have climbed sharply, with Brent crude approaching the $97-per-barrel mark amid concerns over supply disruptions and tensions around the Strait of Hormuz.
The rise in crude prices is being closely watched by Indian markets because India imports a large share of its crude oil requirements. Higher international oil prices can increase input costs for fuel companies and potentially put pressure on domestic inflation.
Oil-linked Indian stocks, including major companies in the sector, came under pressure as investors assessed the impact of higher crude prices.