Crude futures settle higher

Oil prices ended higher on Monday.

The West Texas Intermediate for February delivery increased by 1.49 U.S. dollars, or 2.64 percent, to settle at 58.01 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery went up 1.6 dollars, or 2.65 percent, to settle at 62.07 dollars a barrel on the London ICE Futures Exchange.

India's manufacturing industry has been threatened by shortages in the global energy supply amid mounting tensions and escalating spillover effects spreading beyond the Middle Eastern battlefield.

Glass producers in the country are feeling the acute strain of natural gas shortages, which have forced many production lines to shut down. This, in turn, has impacted beverage companies that rely on glass containers.

"The glass is a critical part of the packaging and it accounts for nearly 45 percent of the cost of beer. Now, there is no gas supply coming. So, a lot of furnaces are unable to operate. Production lines are shutting down," said Vinod Giri, director general of the Brewers Association of India.

Fuel shortages are also hitting India’s metalworking sector, leading to price volatility for stainless-steel cookware. As these goods are essential to daily life, persistent supply instabilities are placing considerable strain on related businesses

"[Metal] prices continue to rise, making our business extremely difficult. We face raw material shortages, production halts, shutdowns in some areas, and worker exodus. Since the outbreak of the war, raw material prices have risen by 10 percent to 15 percent and continue to climb. We have no idea when the price hikes will stop," said Krishan Aggarwal, a stainless steel cookware trader.

Israel and the United States launched joint attacks on Tehran and several other Iranian cities on Feb. 28, killing Iran's then Supreme Leader Ali Khamenei, along with senior military commanders and civilians. Iran responded with waves of missile and drone strikes against Israel and U.S. assets in the Middle East, while tightening control over the Strait of Hormuz by restricting passage to vessels belonging to or affiliated with Israel and the United States.