New Delhi, March 5 -- Former G20 Sherpa and ex-NITI Aayog chief Amitabh Kant on Thursday sounded a grim warning for India as crude oil prices continued to jump in the global market due to Tehran's closure of Strait of Hormuz amid the escalating US-Iran conflict.

In a post on X, Amitabh Kant flagged the rising prices of crude oil, saying that every $10 rise in per barrel of crude oil can mean an addition of up to $14 billon to India's annual fuel import bill.

"Every $10 per barrel rise in crude prices can add $13-14B to India's annual import bill, widen the current account deficit and pressure the rupee. Geopolitical shocks will keep testing our energy security," he wrote in the post.

Oil prices surged more than 3% on Thursday, extendin...