Oil Could Hit $120 if West Asia Conflict Persists: Infomerics Chief Economist

• Infomerics Chief Economist Manoranjan Sharma warns crude oil could reach $120/barrel if the West Asia conflict prolongs.
• Oil prices have already surged from below $70 to around $90/barrel since the conflict began.
• Escalating tensions involving the US, Israel, and Iran could further drive up prices, forcing economic projection revisions.
• India's budget and RBI estimates, based on $70 oil, would need revision; deficits and inflation would worsen.
• Higher oil prices risk capital outflows, market volatility, and supply chain disruptions for countries like India.