New Delhi, May 16 -- Prime Minister Narendra Modi's ongoing visit to the UAE, Netherlands, Sweden, Norway and Italy comes at a time when India is grappling with one of its biggest economic challenges in recent months - soaring crude oil prices.

Brent crude has remained above the $100-per-barrel mark after disruptions linked to the US-Iran conflict and uncertainty surrounding the Strait of Hormuz shook global energy markets. Since India imports nearly 90% of its crude oil requirements, rising energy prices are beginning to impact inflation, the rupee, fuel prices and broader market sentiment. The government has already increased petrol and diesel prices by Rs.3 per litre amid mounting pressure on oil marketing companies, while the rupee c...