Global crude oil markets are under pressure, with Brent crude futures climbing to $110.74 per barrel due to supply disruptions and fears surrounding the ongoing conflict in Iran. Goldman Sachs has issued a warning that Asia is particularly vulnerable to prolonged disruptions in the Strait of Hormuz, which could lead to sharp shortages of specific fuel products. The report indicates that while the global oil supply is not at risk of depletion, countries in Asia, including India, could face significant challenges. India could see a 34% decline in local product supply from Persian Gulf disruptions, with jet fuel and naphtha being the most affected. The country's reliance on imports from the Persian Gulf leaves it exposed to instability, despite having a robust refining system. The report also notes that diesel and jet fuel prices have surged globally, with increases of approximately 150% since late February, highlighting the tightening physical markets. As the situation evolves, higher import costs and inflationary pressures may become more pronounced in India.