Srinagar, Jan. 29 -- The ongoing strife in the Red Sea has the potential to influence gold and petrol rates in Srinagar and other Indian cities, as Brent crude oil has recently reached USD 83.92 per barrel.

While the government has not hinted at any imminent increase in petrol or diesel rates, India, being the third-largest importer of oil, may feel the impact of the surge in crude oil prices globally.

Threats from increased freight costs

As India heavily relies on Russian supplies through the Red Sea, the ongoing conflict raises concerns about a potential increase in freight costs.

While the Houthis have not targeted Russian ships and cargoes, there is a chance of supplies being rerouted around the southern tip of Africa rather than ...