The surge in global crude oil prices is taking a toll domestically, as recently, the Indian crude oil basket breached the $100-a-barrel mark after nearly four months. This reflects a rise of nearly 28% from its July low of $82/bbl. In international markets, Brent crude futures are hovering near their monthly highs of $102/bbl mark, while West Texas Intermediate (WTI) is trading around the $97/bbl level, as renewed geopolitical hostilities between the US and Iran keep the markets on edge, with uncertainty over safe transit through the Strait of Hormuz.