The ongoing conflict between Iran and Israel has had and may
The ongoing conflict between Iran and Israel has had and may continue to have an impact on crude oil prices.
Current Situation
This week, following attacks on Iran by Israel, global crude oil prices have seen a rise of about 10 per cent. While prices declined slightly on Wednesday, they still remain at higher levels than last week.
Potential Risks
Strait of Hormuz: This strait located near Iran handles about 20 per cent of global oil supplies. If Iran follows through on its threat to close it, oil prices could rise to $120 per barrel or more.
Attacks on Energy Infrastructure: If the conflict affects oil production facilities of Iran or its neighbouring countries, there could be disruptions in global supplies, further pushing up prices.
Impact on India
India imports about 85 per cent of its crude oil requirement, with most of it coming from West Asia. If there is any disruption in the Strait of Hormuz, India's oil supply and prices could be affected.
Currently, oil prices are witnessing volatility, but if the Iran-Israel conflict escalates or there is any disruption in the Strait of Hormuz, crude oil prices could rise further. This situation is of particular concern for oil importing countries like India.
If you want, I can also give you information on the possible impact on petrol and diesel prices in India.
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