On Friday morning, global crude oil prices saw a 1% increase, with Brent crude trading at $106.57 per barrel and West Texas Intermediate at $97.06. This rise is attributed to ongoing supply disruptions in the Strait of Hormuz and a lack of progress in peace talks between the United States and Iran. US President Donald Trump has not provided a timeline for ending the conflict, citing unclear leadership in Iran as a barrier to negotiations. Iranian President Masoud Pezeshkian emphasized national unity against perceived aggressors. Amid these tensions, US military officials are reportedly preparing plans to target Iranian capabilities if ceasefire conditions deteriorate. India, which imports nearly 90% of its crude oil, is particularly affected by these developments, as a sustained increase of $1 per barrel could raise its annual import bill by ₹16,000 crore (approximately $1.93 billion USD). State-run oil marketing companies in India are currently losing ₹20 per litre on petrol and ₹100 per litre on diesel sales, yet the government has refrained from raising retail fuel prices despite the volatility in international markets.