India, May 24 : International crude oil prices fluctuated sharply following renewed geopolitical uncertainty in the Middle East. Traders closely monitored developments linked to US-Iran negotiations and shipping security in the Strait of Hormuz.
Energy analysts warned that any disruption in the region could impact global fuel supplies and transportation costs. Import-dependent economies, including India, are expected to closely track oil price movements over the coming weeks.
Several countries have already begun reviewing strategic petroleum reserves to minimise potential supply shocks.