New Delhi, Sept. 14 -- The end of August marked six months since the attack on Iran by the US and Israel. Since then, it's been a rollercoaster ride for global crude oil prices. Prices surged to above $110 per barrel between March and May, but saw a sharp slide as a ceasefire of sorts took hold. However, hostilities have flared up again, and crude is back above $100 a barrel.

High oil prices, coupled with serious disruptions to oil flows through West Asia, were never good news for the Indian economy, which remains heavily dependent on fuel imports. It has coped with the disruption so far, but has suffered on various fronts.

Price strain

In normal times, the Indian crude basket comprises Brent crude oil (the global benchmark) and the le...