Oil Prices Soar Amid US-Iran Tensions, Brent Crude Tops 107 Dollars; Why India Is Worried

New Delhi: The effect of increasing tension between America and Iran is clearly visible on global crude oil prices. On Thursday, crude oil prices rose by about seven percent and the price of Brent crude crossed 107 dollars per barrel. Brent crude has reached this level for the first time since May 21 this year. According to Reuters, the price of crude oil has increased by about 30 percent compared to the beginning of August. Rising oil prices can also be a cause of concern for India.

How much impact did the US-Iran tension have on oil prices?

There was a sharp rise in oil prices in the international market amid fears of increasing military tension between America and Iran. In America too, the price of oil has increased to 5.94 dollars per gallon. There is a fear in the market that if the conflict escalates further, oil supply and transportation may be affected, which may lead to a further rise in prices.

What did Trump claim about war with Iran?

US President Donald Trump is continuously indicating efforts to reduce the ongoing tension with Iran. However, he has claimed that the ongoing military conflict with Iran will end with the midterm elections in November.

Speaking to reporters, Trump alleged that Iran is trying to influence the US midterm elections. He said that Iran wants to preserve its full strength till that time.

Can America attack Iran's nuclear site?

Trump has indicated that the US military may also attack Iran's Pickaxe mountains. This area is located near Iran's Natanz nuclear plant. After this statement, there is a possibility of further increase in tension in the area.

However, according to a report in the Wall Street Journal, US Vice President JD Vance and Secretary of State Marco Rubio have expressed concern in a confidential conversation with Trump that this conflict could drag on till January 2029, i.e. till the end of Trump's current term.

What warning has Iran given to America?

Iran's Revolutionary Guard (IRGC) has given a strong warning to America. Iranian forces have said that if the next attack comes from America, it will be given a befitting reply and there will be no limit.

This warning has further increased the tension between the two countries. The situation in West Asia remains extremely sensitive due to continuous military action and retaliatory attacks.

What major step did IAEA take against Iran?

The Board of Governors of the International Atomic Energy Agency (IAEA) on Wednesday voted in favour of a resolution to refer Iran's alleged non-compliance with nuclear regulations to the UN Security Council.

According to Reuters, the resolution passed by a 23-3 vote, with eight members abstaining. Russia, China and Niger voted against the resolution. This step is being considered important towards increasing diplomatic pressure on Iran.

Iran has opposed this proposal. Iran's representative in the nuclear monitoring body called it a decision taken under American pressure and said that it has no basis. Mohsen Rezaei, secretary of Iran's National Supreme Security Council, also criticised the IAEA's move.

How much damage did American planes suffer in the Iranian attack?

According to a report, Iran launched several attacks on the American airbase in Jordan early Thursday. The report claims that American military aircraft were damaged in the attack.

It was reported that in the attack on Salti Air Base, one wing of the A-10 Thunderbolt aircraft was broken, while about eight F-15 aircraft suffered minor damage. According to reports, the damaged aircraft were later put back into service.

How much has the series of attacks between America and Iran increased?

The US military fired more than 30 Patriot missiles in response to the Iranian attacks. Earlier, America had attacked five Iranian tankers after Iran targeted a US Navy warship.

After this Iran targeted eight tankers and two warships. The American base in Jordan also came under Iranian attacks. Amidst these continuous attacks, tension is increasing in West Asia and its direct impact is also on the global energy market.