<h1>Middle East conflict shows limited impact on Indian corporate trade but escalation could affect key sectors</h1> A credit rating agency reported that the ongoing Middle East conflict has had limited impact on Indian corporate global trade so far. However, potential escalation could affect certain sectors. The conflict has influenced crude oil markets, with prices rising from USD 65 per barrel in April-May to USD 73-76 currently. Further escalation could benefit upstream oil companies while pressuring downstream refiners' margins. The country's direct trade with the conflicting nations represents less than one percent of total trade. Potential sector impacts include specialty chemicals, paint, aviation, and tire industries if energy supply chains face disruption.