New Delhi, July 16 -- The renewed hostilities erased part of a roughly 30% slump in oil prices in the second quarter. Carlyle Group Inc senior adviser Jeff Currie said, "So not only have we now lost all of the Straits of Hormuz again, but we have also lost the crude oil and the refineries in Russia." He added, "The situation in energy, I would argue, is pretty dire."

The domestic retail price of petrol and diesel is determined by state-run Oil Marketing Companies (OMCs), so there is no real impact of global fluctuation in oil prices on consumers in the short run.

Brent crude futures soared 0.4% to $85.28 a barrel, registering 33 cents gain at 0026 GMT, Reuters reported. As per Goldman Sachs, Brent could rise as high as $110 per barrel i...