India’s crude oil basket surged to $103.33 a barrel on July 23, up 51.5% from $68.21 on July 3, when expectations of a US-Iran peace agreement had briefly cooled prices, renewing pressure on state-owned oil marketing companies facing losses. “The latest surge is being reflected in September contracts. If crude remains elevated for another few weeks, it could put renewed pressure on oil retailers’ financial performance in the second and third quarters,” a senior executive at an oil marketing company said.