New Delhi, June 28 -- The surge in crude oil prices following the Israel-Iran conflict was a threat to India's economic growth in the current financial year but while the danger has abated, it is too soon to sound the "all clear" for the rest of the fiscal, the finance ministry's monthly economic review said on Friday. The ministry's monthly economic review warned that the 12-day war, which began on June 13, could have threatened India's growth and fiscal outlook as international oil prices surged up to 14%. Benchmark Brent crude peaked at $78.85 per barrel on June 19 before falling below $70 following President Donald Trump's ceasefire announcement, closing at $67.73 on Thursday. "The brief Israel-Iran war, followed by US intervention, pushed crude oil prices sharply higher. Its persistence would have threatened India's growth and fiscal outlook in the current financial year. Thankfully, there is a ceasefire, and oil prices have retreated sharply," the report stated. The ministry emphasised particular vulnerability to oil price volatility as India imports more than 87% of the crude it processes, making it the world's third-largest oil importer. In FY25, India imported 232.7 million tonnes of crude oil worth $157.50 billion. Despite ample global oil supply, the report noted that "insurance costs and the perceived risk of potential closure of choke points might cause the landed price to rise. Therein lies the risk to India. For now, the risk has receded." However, the ministry warned of unexpected uncertainties ahead, suggesting India must "get used to doing the balancing act or the high-wire act for some time to come."India's economic fundamentals remain robust amid an increasingly subdued global outlook. . The labour market has remained stable, with multiple surveys indicating a positive employment outlook....