•A drone attack on Saudi Aramco's Ras Tanura refinery on March 2, 2026, linked to Iran, caused a small fire but no major damage or casualties.
•The incident occurred amidst rising Middle East tensions, impacting global oil prices due to geopolitical risk rather than direct supply disruption.
•Brent crude prices surged by 10-13% to $80-$82 per barrel; a $10 increase in crude prices could add $15-$20 billion to India's import bill.
•India, importing 85-90% of its crude, faces potential petrol/diesel price hikes of 5-10 rupees/liter if high prices persist, increasing inflation.
•Direct supply impact on India is currently low as the attack was on a refinery, not crude production or major export terminals; India has strategic reserves and diversified sources.
