India has slashed fuel taxes to protect consumers after global crude oil prices surged above $100 per barrel amid the Iran conflict and Strait of Hormuz tensions. The government reduced excise duty by Rs 10 per litre on both petrol and diesel following an emergency late-night meeting chaired by Prime Minister Narendra Modi.

Oil markets are reeling after a dramatic surge in crude prices following rising geopolitical tensions in West Asia. US President Donald Trump has defended the spike in global energy costs, calling it a temporary sacrifice in the broader push to dismantle Iran’s nuclear capability and safeguard long-term global security. As crude prices surge to levels not seen since 2022, global markets are feeling the pressure. U.S. oil futures have crossed the $108 per barrel mark while Brent Crude Oil has jumped sharply, reflecting investor fears of deeper supply disruptions across the Gulf region. Despite the economic turbulence, Trump insists the short-term pain is necessary if it leads to a nuclear-free Iran and long-term stability in the region. Critics, however, warn that sustained energy price spikes could weigh heavily on global growth, consumer spending and already fragile supply chains. WATCH