US-Iran war, March 2 -- Oil prices surged on Monday after US and Israeli strikes on Iran, along with Tehran's retaliatory attacks, disrupted the global energy supply chain. The spike in crude oil prices is emerging as a key risk not only for the Indian economy but also its oil marketing companies (OMCs) as the nation imports a major chunk of its energy needs.

West Texas Intermediate was trading at $72.79 per barrel early Monday, marking an 8.6% jump from around $67 on Friday. Meanwhile, Brent crude, the global benchmark, was trading at $79.41 per barrel, marking a 9% jump from Friday's close of $72.87.

Back home, Multi-Commodity Exchange of India (MCX) crude oil prices surged more than 10% amid escalating tensions in the Middle East. Th...