New Delhi, June 23 -- If the heightened tension in the West Asia pushes average crude prices by USD 10 per barrel, it will typically push up India's net oil imports by nearly USD 13-14 billion during the year, enlarging the India's CAD by 0.3 per cent of GDP, noted a recent report by ICRA.

"If the average crude oil price rises to USD 80-90/bbl in FY2026, then the CAD is likely to widen to 1.5-1.6% of GDP from our current estimate of 1.2-1.3% of GDP. This would also exert pressure on the USD/INR pair during the fiscal," ICRA said.

The report says the conflict between Iran and Israel, which began on June 13, 2025, pushed crude prices from USD 64-65/bbl to USD 74-75/bbl. Now, after the US strike on Iran's nuclear sites, Iran has announced ...