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India Raises Fuel Prices Amid Middle East Crude Surge

India's state-run refiners lifted fuel prices for the first time in four years, responding to elevated crude costs driven by the Iran conflict. The increase marks a significant shift in New Delhi's energy policy as geopolitical tensions in the Persian Gulf strain global oil markets. Additional price increases are expected in coming months as refiners contend with persistent margin pressures. The move reflects broader inflationary pressures rippling through global supply chains, with US import and export prices jumping sharply on fuel-related costs. American gasoline prices have climbed above $4.50 per gallon, near historic highs. The commodity surge has also benefited oil producers, with Nigeria's credit rating upgraded for the first time since 2012, reflecting improved refining capacity and export potential.