Iran Tightens Grip on Hormuz Rhetoric as Brent Sits Near Five-Month High Before India Reopens
Iran’s First Vice President said on 19 October that Tehran has no choice but to assert control over the Strait of Hormuz. Brent settled at $109.55, near a five-month high. Indian markets, shut on 20 October for Dussehra, reopen on 21 October with this yet to be priced in.
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Costlier crude widens India’s import bill, keeps the rupee under pressure near 95 per dollar and feeds inflation, narrowing RBI’s room on rates. Sensex and Nifty each fell over 1% on 19 October as crude climbed. Oil marketing, aviation, paints and chemicals stay most exposed.