New Delhi, April 3 -- The blockade of the Strait of Hormuz by Iran, following coordinated strikes by the US and Israel on the Islamic Republic, has sent Brent crude prices soaring in 2026.

Brent began the year at approximately $61.98 per barrel and surged to around $114.57 by the end of trading on 27 March, following the outbreak of the Iran war on 28 February.

This sharp rally of about 85% is a result of a massive geopolitical risk premium. The catalyst was the closure of the Strait of Hormuz, which trapped nearly 20% of global oil supply.

Physical strikes on refineries, skyrocketing maritime insurance, and speculative hedging have further strained the market. For India, this spike threatens to widen the current account deficit and sq...