New Delhi, Sept. 29 -- The Indian economy is facing a double whammy of higher oil prices, driven by the ongoing US-Iran conflict, and a weak monsoon this year, adding another layer of uncertainty for investors in the Indian stock market.

Oil prices have been up most of the year now due to supply disruptions caused by the US-Iran conflict. The Strait of Hormuz - a narrow waterway through which about 20% of the world's oil and liquefied natural gas (LNG) passes - is still only partially open.

Higher oil prices are a major negative for the Indian economy and the markets, as the country is the world's third-largest importer of the commodity and meets about 85-90% of its oil requirements through imports.

Higher oil prices can distort India'...