New Delhi, September 07 (H.S.): Crude oil prices continued their upward trajectory in the international market amid escalating tensions in West Asia. Brent crude crossed the $97-per-barrel mark on Monday, while West Texas Intermediate (WTI) crude was also trading above $92 per barrel.

Brent crude opened today's trading session at $96.90 per barrel. Although it slipped to $96.34 per barrel shortly after the market opened, prices subsequently gained momentum. By 9:30 a.m. IST, Brent crude had crossed the $97-per-barrel threshold, reaching $97.43 per barrel. By 9:45 a.m., Brent crude was trading at $97.38 per barrel, up 1.14 per cent.

Similarly, WTI crude began trading at $92.19 per barrel after gaining $0.71 per barrel. It initially declined to $91.70 per barrel shortly after the opening, but subsequently recovered and gained momentum. Within a short period, it climbed to $92.57 per barrel, although it later witnessed a marginal decline. At 9:45 a.m. IST, WTI crude was trading at $92.50 per barrel, registering a gain of 1.11 per cent.

TNV Financial Services CEO Tarkeshwar Nath Vaishnav said the surge in international crude oil prices could become a major source of economic concern for oil-importing countries such as India. He said that if elevated crude prices remain at $80 per barrel or above for an extended period, India's current account deficit could widen. It could also put the government's fiscal deficit target under pressure.

According to Vaishnav, higher crude oil prices could weaken the Indian currency, fuel inflation and further accelerate foreign capital outflows. Similarly, mounting pressure on the economy could create uncertainty in the stock market, as the government may be compelled to take difficult decisions regarding the impact on subsidies, interest rates and the rupee-dollar exchange rate.

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Hindusthan Samachar / Jun Sarkar