Finance Ministry Monitors West Asia for Crude Oil Impact

The Finance Ministry of India is vigilantly observing the situation in West Asia, specifically concerning crude oil prices. Despite recent surges, prices remain below historical highs, and the government has strategies to manage volatility. Prices spiked due to geopolitical tensions after President Biden indicated possible military support for Israel against Iran.

The Finance Ministry is keeping a close watch on developments in West Asia due to concerns over crude oil prices, though sources maintain there is no immediate alarm. Authorities have reiterated confidence in the government's capacity to tackle price volatility using available tools.

Despite a notable 5% surge in crude oil futures during Thursday's session, the current prices have not reached previously higher levels observed in India. This reassurance comes amidst recent geopolitical tensions.

Prices for Brent crude, scheduled for November delivery, increased by 4.8%, rising to USD 77.44 per barrel. The boost followed comments by U.S. President Joe Biden, suggesting his administration would support military action by Israel targeting Iran's oil infrastructure.

(With inputs from agencies.)