US-Iran Conflict Impact on India: Oil Import Costs Explode, Rupee Tests Record Lows, and Gold Demand Surges
US-Iran Conflict Impact on India: Oil Import Costs Explode, Rupee Tests Record Lows, and Gold Demand Surges Four transmission channels, four months of data: how a war 3,000 kilometers away is repricing India's energy, currency, and savings The Finding India's crude import basket hit an all-time high of $157.04 per barrel on March 23, 2026, less than four weeks after US-Israeli strikes launched Operation Epic Fury on February 28. By mid-July the basket had retreated to $81.62, but the rupee remained under severe pressure, closing at 96.28 per dollar on July 17 after its sharpest weekly drop since May, according to Reuters. Four distinct transmission channels connect the conflict to India's do…
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