Oil Surges Over 3% as Iran War Escalates, Yemen's Houthis Attack Israel

• International crude oil prices climbed over 3% as West Asia tensions escalated with Yemen's Houthi militants launching missile and drone strikes on Israel.
• Brent crude May contract traded at $115.91 per barrel, up 3%, while WTI rose 3.03% to $102.61 per barrel.
• The conflict, now in its fifth week, has constrained nearly 20% of global oil and gas supplies, with supply risks intensifying due to damaged facilities and the Strait of Hormuz blockade.
• Houthi attacks on Israel, the first since US and Israeli strikes on Iran began, widen the conflict and raise fears of disruptions in the vital Bab-el-Mandeb Strait.
• The oil price spike poses a significant challenge for India, which imports nearly 90% of its crude oil, potentially adding ₹16,000 crore to its import bill for every $1 increase.