Iran tension may push up fuel prices, spook bid to boost economy

Global oil prices spiked 4% on Friday as tensions flared up in the Middle East, setting off worries over an extended spell of market volatility hitting consumer sentiment by pushing up fuel prices and blunting the government’s efforts to revive the pace of economic growth. As the world’s third-largest buyer of oil, India is vulnerable to tensions in the Middle East on two counts.

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