Escalating tensions in West Asia, particularly around Iran and the Strait of Hormuz, could pose near-term risks to global markets through higher energy prices, though India's underlying economic momentum remains relatively resilient, according to a report by Jefferies. The report noted that energy markets reacted sharply to the geopolitical developments, with Brent crude rising about 13 per cent and European natural gas prices jumping 55 per cent in the week following the escalation.