New Delhi, March 17 -- A sharp escalation in geopolitical tensions, including disruptions across key energy infrastructure in West Asia and the closure of the Strait of Hormuz, has triggered a surge in global crude oil prices, with Brent rising above USD 90 per barrel from USD 73 levels in late February.

The supply shock, stems from production cuts in Iraq, Saudi Arabia and Kuwait, along with shutdowns of major facilities in Qatar and Saudi Arabia, has significantly disrupted global oil supply chains. India, which imports a majority of its crude requirements and routes over half of it via the Strait of Hormuz, faces heightened vulnerability.

According to a sector update by HDFC Securities Institutional Research, oil marketing companies ...