Iran-Israel War Impact on Crude Oil Prices on Global rate how India will tackle issue

Iran-Israel War Impact: There is a war going on between Iran and Israel and the heat of this fight between the two countries is reaching many countries of the world. Late last night (October 1), Iran fired more than 200 missiles at Israel and Israel has warned Iran of dire consequences for this. Another serious issue that has emerged due to the huge instability caused by this war in the global geo-political tension is the fear of rising crude oil prices…

Strong increase in the price of crude oil

There was already a rising trend in the prices of crude oil which is now increasing further. There has been an increase of about 5 percent in the price of crude oil in the past day and due to this, there was a decline in the American stock market last night. However, there was every possibility that the price of crude oil would be affected and it happened. The prices of WTI crude were up by 3.7 percent yesterday while the price of Brent crude saw a jump of 4-5 percent.

Why does Iran's war affect crude prices?

One-third of the world's crude oil supply is supplied from Iran and it is an important member of OPEC countries. These countries which supply crude oil to the world will find the crude oil costlier due to the current war situation in Iran. Only yesterday the prices have increased by around 5 percent.

today's crude oil prices

Today's WTI crude price has gone up to $70.11 per barrel and Brent crude price has reached $74.84 per barrel. Yesterday, its impact was seen in the American markets and especially there was a sharp decline in tech stocks due to which tech giants like Apple Inc. and Nvidia were hit and closed down.

How will be the situation for India, will it have to face the heat of crude?

Till 2018-19, Iran was the third largest oil supplier to India, but before June 2019, when America imposed sanctions related to Iran's nuclear program, India also lost its freedom to import oil from Iran, after which from the year 2019 itself. Has stopped taking oil from Iran. Therefore, India, which does not take oil from Iran, may not be directly affected by this, but there is a possibility of its impact due to global tension, this is the truth.

What will happen to the hope of reduction in the prices of petrol and diesel in the country?

In fact, India is the third largest oil importer in the world and India will also have to bear the impact of disruption in the global supply chain due to the current war. Due to this, the prices of crude oil have also increased suddenly, due to which the possibility of reducing the rates of petrol and diesel in the country has once again been put into question.

What is the support for India even in the current tension?

In the current situation, there is a danger of increase in the prices of petrol, diesel and other fuels, but behind this India has a supporting fact that India has been the top supplier of crude oil since the Russia-Ukraine war. From here India imports about 40 percent of its crude oil needs and after this comes the name of Iraq from where India imports about 20 percent of its crude oil needs.

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