New Delhi, March 9 -- The worst-case scenario in the oil market appears to be unfolding: Brent crude has breached $100 per barrel as the conflict involving the US and Israel and Iran continues to escalate.

The last time oil prices rose to these levels was after Russia's invasion of Ukraine in late February 2022. This time, however, the disruption could be more severe. West Asia accounts for nearly 30% of global oil output, far higher than Russia's roughly 10% share.

About a fifth of the world's oil supply normally passes through the Strait of Hormuz, where traffic has now nearly halted.







India, which meets about 80% of its domestic fuel demand through imports, is therefore facing both a potential supply squeeze and rising crude pr...