Israel-Iran War Escalates: Amidst the Israel-Iran war, will India also suffer losses, know here…

Israel-Iran War Escalates: Now a heated atmosphere has been created in two famous countries of the world. America and Israel have launched strong attacks on Iran, in which Rashtrapati Bhavan, intelligence agencies and military bases were targeted. Trump made it clear that America will not allow Iran to become a nuclear power at any cost. At the same time, Iran has also retaliated. This conflict is gradually showing the possibility of turning into a big war, which can impact not only the Gulf countries but the entire world including India.

Pressure on crude oil prices

One of the most directly affected things of this war is the price of crude oil. About 40% of the world’s crude oil comes from the Strait of Hormuz, which is under the control of Iran. If this route is closed, there could be a major crisis in global oil supply. India, China and other Asian countries import oil through this route, so any obstruction can have a direct impact on inflation and prices of petrol and diesel.

Import risk for India

Dependence on Oil: India imports about 85-90% of its total oil requirement.
Importance of Hormuz: About 20% of the world’s crude oil passes through this strait, of which Gulf countries like Saudi Arabia, Iraq, UAE, Kuwait and Qatar are the main ones.
Imports from India: According to recent data, India has imported about 2.6 million barrels of oil per day from Gulf countries this year, which is very important for the energy security of the country.

Inflation and economic pressure

Rising oil prices can accelerate inflation in India. Apart from this, current account deficit may also increase due to increase in oil import bill. Experts say that any obstruction in Hormuz will lead to reduction in freight, insurance costs and supplies, which will lead to a huge increase in India’s oil import cost.

challenge of strategic balance

If seen closely, this can be a very dangerous time for India. America and Israel are strategic partners, while Iran also has historical and energy relations. Taking sides in this complex situation can affect the balanced image of India.

The post Israel-Iran War Escalates: Amidst the Israel-Iran war, will India also suffer losses, know here… appeared first on Latest.