Every dollar move in the Brent prices adds around $2 billion to India's oil imports bill, he said.
Noting India's high reliance on imported crude to meet 83 per cent of its domestic oil demand, Baig said, "This leaves India vulnerable to movements in global oil prices." He also said that the Indian Rupee will be among the currencies which will be "the immediate casualties as it will be affected by large import bill".
The drone attack halved Saudi Arabia's oil production, interrupting an estimated 5.7 million barrels of the kingdom's crude oil production per day, which is equivalent to over 5 per cent of the world's daily supply.
The US has blamed Iran for the crippling attack, claimed by Iran-aligned Houthi rebels in Yemen. However, Iran has denied involvement in the air attacks.