Global oil prices continued to climb, with Brent crude nearing $120 per barrel, driven by US President Donald Trump's reaffirmation of the naval blockade of the Strait of Hormuz. This blockade is a response to Iran's nuclear ambitions and has been deemed more effective than military action. The Strait of Hormuz is a critical passage for about 20% of the world's oil and gas trade. The ongoing tensions have severely disrupted energy supplies for countries like India, which imports approximately 90% of its oil. Rating agency Icra highlighted that the blockade is likely to raise raw material costs and impact the profitability of sectors dependent on oil, including oil marketing, fertilizers, and chemicals. Despite a recent reduction in excise duties, oil marketing companies in India are facing negative margins on petrol and diesel, estimated at ₹14 and ₹18 per litre, respectively, due to elevated crude prices.