Crude oil jumped 10 percent due to Israel's attack on Iran (Social media)
National News: The ongoing Iran-Israel conflict in the Middle East has caused a deep stir in the global energy markets. Within minutes of the news of Israel's military action on Iran, international oil prices boiled over. Brent crude prices suddenly saw a 10% increase, which is the fastest in recent months. Although later this rise slowed down a bit, the prices still remain much above normal.
Initially, Brent crude prices reached close to $75 per barrel, which was about 5% higher than Thursday's closing price. According to analysts, the reason for this rise is not just the Israeli attack, but there is a widespread concern behind it that if this conflict prolongs, it can badly affect the oil supply chain. Especially when it comes to the Strait of Hormuz, from where a large part of the world imports oil.
India is one of the largest energy importers in the world. The country meets more than 85% of its crude oil needs and about 50% of its natural gas needs through imports. In such a situation, even a slight fluctuation in oil prices can have a direct impact on India's economic situation.
However, Petroleum Minister Hardeep Singh Puri has given assurance about the situation. He said, "We have constantly reviewed the status of energy supply." India has adequate reserves and supply plans for the coming months. There is no need to panic." It is clear from the minister's statement that India has not yet considered it an emergency, but eyes are fixed on every change.
Russia supplies the most crude oil to India, while Qatar is the largest source of natural gas. So far there has been no interruption in supply from these two countries. According to experts, India has strengthened its strategic reserves in time, which can provide relief to the country from the immediate crisis.
The Government of India's Directorate General of Shipping (DG Shipping) issued an advisory on Friday, urging Indian-flagged vessels and sailors operating near Iranian ports or transiting through the Strait of Hormuz to exercise heightened caution. The instructions issued ask to avoid unnecessary movement and follow the instructions of local security agencies. This step has come at a time when the threat on the sea route is also increasing.
The situation is under control at the moment, but if the Iran-Israel conflict prolongs or other countries get involved in it, then India may face challenges on both energy supply and economic stability fronts. If oil prices go above $80, then domestic inflation and trade deficit are bound to be affected.
India has so far handled the situation with restraint and strategy, but the coming weeks will prove to be very decisive. In this turbulent period of global politics, India will have to keep a close eye on both energy policy and diplomatic balance.
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