New Delhi, July 11 -- Dear reader,

Just when India thought the worst of the West Asia war was behind it, fresh US-Iran tensions have thrown a spanner in the works. Donald Trump's decision to walk away from the Iran peace understanding and end a sanctions waiver has cast fresh doubt over India's plans to resume Iranian crude imports, even as refiners insist supplies are secure until August. The bigger worry is what comes next. A prolonged disruption around the Strait of Hormuz could push up India's oil import bill, fuel inflation and pressure economic growth.

The ripple effects are already showing up across Dalal Street. State-run oil companies and FMCG stocks fell sharply as investors priced in the risk of costlier crude. Consumer compa...