New Delhi, July 24 -- Crude oil prices are back at the $100 per barrel level, raising concerns that it will derail the Indian economy's growth momentum, curtail the profitability of Indian corporates, and delay stock market recovery.

Brent crude futures have surged over 35% this month, reclaiming the $102 per barrel mark, driven by the intensifying hostilities between the US and Iran. Oil prices may rise even further if tensions in the Middle East do not ease and disruptions to energy supplies expand to regions beyond the Strait of Hormuz and the Red Sea.

Brent futures hit a 52-week high of $126.41 on 30 April this year and eased to $70.14 on 2 July as the US and Iran tried to resolve their conflict through talks. However, several round...