Crude oil prices experienced a rebound early Thursday, with Brent crude trading at $96.80 per barrel, marking a 2.16% increase following a significant 15% drop. The initial decline was attributed to a ceasefire agreement among the US, Israel, and Iran, which included the opening of the Strait of Hormuz, a vital route for global oil supplies. However, tensions escalated when Israel conducted severe strikes on Lebanon, prompting warnings from Iran's Islamic Revolutionary Guard Corps (IRGC) about possible retaliation. Iran's navy has also threatened to target vessels attempting to cross the Strait without authorization. This situation raises concerns about the potential for renewed conflict in the region. Given that India imports approximately 90% of its oil, fluctuations in crude prices directly affect its import costs and broader economic indicators. As of April 7, the Indian crude oil basket was priced at $135.63 per barrel, underscoring the impact of global oil prices on the Indian economy.