Oil Price Hike: Crude hits highest level since 2022, soars above $120; How will it impact India?

Oil Price Hike: Amid rising concerns over reports of an ‘extended’ blockade by the United States on Iranian exports and stalled nuclear negotiations, oil prices on Wednesday jumped to their highest levels since 2022. The price of Brent oil surged past $120 a barrel, briefly hitting  $122 as ceasefire negotiations between Washington and Tehran stalled, and the Strait of Hormuz remained heavily disrupted amid closure.