Global Oil Crisis: Brent Hits $106.50 as US-Iran Tensions Shutter Hormuz; Fuel Hike Looms in India

Global energy markets are witnessing a shift as Brent crude prices slipped to $106.64 per barrel on Wednesday. The decline follows a commitment from the OPEC+ alliance to increase production by 188,000 barrels per day starting in June 2026. Despite this cooling in international benchmarks, India's state-run oil marketing companies (OMCs) continue to face severe financial strain, with daily losses estimated at ₹1,000 crore due to high global averages and domestic price freezes.