Iran-Israel Tension: Geopolitical Expert Narendra Taneja highlights impact on Oil and Gas prices due to Middle East tensions

New Delhi [India], March 2 (ANI): Amid prevailing tensions after US-israel attack on Iran, fresh questions have been raised regarding the future direction of crude oil and natural gas prices. Geopolitical expert Narendra Taneja said that the ultimate impact on the international market will depend entirely on how the situation develops in the coming days.
Taneja believes that the current actions of the United States and Israel are specifically aimed at exerting strategic pressure on Iran. However, he notes that Iran's response has appeared limited so far, suggesting that the tension is unlikely to remain prolonged. While trading resumes and some market impact may be visible, there has been no major disruption in the global oil supply at present.
Furthermore, Taneja suggests that if a regime change occurs in Iran and a new government takes concrete steps to strengthen the economy by opening doors to foreign investment, Iranian oil production could see a significant increase.
Meanwhile, a Palau-flagged oil tanker 'Skylight' was targeted in waters off Musandam Governorate on Sunday, Gulf News reported, citing an official statement from Oman's Maritime Security Centre.
Authorities said the vessel was struck approximately five nautical miles north of Khasab Port. A coordinated response was immediately initiated to ensure the safety of those on board.
"All 20 crew members were evacuated, including 15 Indian nationals and five Iranian nationals, the centre said."
Addressing the condition of the crew, Gulf News further reported that medical attention was provided to those affected.
"Preliminary information indicates that four crew members sustained injuries of varying severity and were transferred for the necessary medical treatment."
Earlier, the United Arab Emirates Ministry of Defence announced that the air force and air defence forces had successfully intercepted a significant number of aerial threats following a large-scale Iranian attack that commenced on February 28.
In a statement shared on X and subsequently reposted by the Indian Embassy in Abu Dhabi, the Ministry confirmed that the military has "so far dealt with 165 ballistic missiles, two cruise missiles and 541 Iranian drones since the start of the Iranian attack."
This regional escalation comes amid heightened tensions in West Asia following joint missile strikes titled Operation Roaring Lion/Operation Epic Fury by Israel and the United States on Iran.
Explosions were reported in Tehran and other major cities, with US President Donald Trump and Iranian state media confirming that Supreme Leader Ayatollah Ali Khamenei was killed in the strikes, alongside his daughter, grandchild, daughter-in-law, and son-in-law. (ANI)