On Tuesday morning, global oil prices rose as Brent crude traded at $104.82 per barrel, reflecting concerns over supply amid a fragile ceasefire between the US and Iran. President Donald Trump described the ceasefire as being on 'massive life support,' while Iranian parliamentary speaker Mohammad Ghalibaf warned of a strong military response to any aggression. The ongoing tensions in West Asia, particularly regarding the Strait of Hormuz, which is crucial for international oil trade, contribute to these supply worries. In a bid to stabilize the market, the US government announced it would loan 53 million barrels of crude from its Strategic Petroleum Reserve. This situation significantly impacts India, which imports nearly 90% of its oil needs. Prime Minister Narendra Modi has urged citizens to conserve fuel, as oil marketing companies in India face losses of up to ₹1,000 crore per day. Despite high crude prices, retail fuel prices have remained largely unchanged, leading to projected under-recoveries for oil marketing companies of around ₹2,00,000 crore this quarter.