On Wednesday morning, global crude oil prices showed a decline after a recent surge of approximately 8% over three sessions. The July contract for Brent crude was trading at $107.08 per barrel, down 0.64% from the previous close, while West Texas Intermediate fell to $101.53 per barrel. The market remains tense as investors await clarity on the geopolitical situation in West Asia, particularly regarding the ongoing conflict involving Iran. The Strait of Hormuz, a vital channel for 20% of the world's oil trade, has been shut for nearly 75 days, exacerbating global supply issues. In India, the impact is significant, with the Indian crude oil basket priced at $104 per barrel. Prime Minister Narendra Modi has urged citizens to reduce fuel consumption and utilize public transport to conserve foreign exchange spent on oil imports. Union Minister Hardeep Singh Puri highlighted the severe losses faced by state-run oil marketing companies, which are losing ₹1,000 crore daily due to selling fuels below cost. He indicated that the government may need to reassess the situation if losses persist, warning that the ongoing losses could eliminate the entire profit after tax for fuel retailers from the previous year.