Brent surges above $105 as Hormuz bottleneck and weak US Iran ceasefire spark India oil company losses

Trump calls the ceasefire on massive life support

Global oil prices spiked Tuesday as Brent crude jumped above $105 a barrel, driven by renewed worries about the fragile US-Iran ceasefire and a sustained disruption at the Strait of Hormuz. The Strait has been effectively closed for around 70 days, raising the threat of a widening supply gap. Saudi Aramco’s warning of 100 million barrels lost weekly underscores how long the crunch could last. India, which imports nearly 90% of oil, faces rising costs, OMC cash hemorrhaging, and fresh pressure on the rupee and equities.