Collateral damage: High crude oil prices will stifle economic growth

For a global economy already grappling with trade-related uncertainties, a sustained increase in oil and gas prices would further cloud the outlook

The conflict between Israel and Iran has opened another front of uncertainty for the global economy, with implications for the Indian economy. Since both sides have refused to back down, and given the objectives Israel has set for itself, the conflict may widen and prolong. The immediate impact of conflict in West Asia is being felt on oil prices. Fearing an escalation, benchmark Brent crude prices have risen about 9 per cent over the past week. Analysts are now predicting that oil prices can double from the present level to $150 per barrel. Notably, oil prices in the wake of