Brent crude oil prices climbed to $97.40 per barrel on September 8, 2026, as escalating tensions in the Strait of Hormuz raised concerns over potential global supply disruptions.
The price increase follows Iran's threat to establish an exclusion zone, which analysts warn could push oil prices above $120 if major shipping lanes are effectively blocked for an extended period.
Indian oil marketing companies are bracing for a potential rise in domestic fuel prices, as the government monitors the impact of the volatility on the country's import bill and inflation targets.