Current crude oil prices at $76-80 do not pose an immediate balance-of-payments crisis for India, suggesting downside risks may be limited if geopolitical tensions don't escalate further

"Crude prices continue to climb with the conflict over the Strait of Hormuz unresolved. Brent crude, which was trading for around $70 per barrel before the start of the war, gained 1% to $91.91 per barrel early Wednesday."

"First, Brent at $80 is not a problem. It won't create a BoP crisis. The crisis will reemerge only if the tensions lead to the closure of the Strait of Hormuz again and consequently crude spiking above $100. September crude is trading at $76, which means the market doesn't believe that the situation will aggravate."