"If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD. The United States' ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH - More actions t
The sources further stated that India is in a comfortable position with respect to LPG and LNG supplies. The government, according to sources, is keeping a close watch on the global energy market to ensure uninterrupted supplies for the country.
Following the outbreak of hostilities in the Middle East and the evolving global energy situation, Hardeep Singh Puri, Minister of Petroleum & Natural Gas, informed that "the country is well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to
Crude oil prices may surge above the USD 100 per barrel threshold if there is any structural disruption to oil infrastructure amid the ongoing military escalations in West Asia, according to a report by ICICI Bank.
Indian share markets are closed on Tuesday on account of the Holi festival holiday, with trading suspended on both the National Stock Exchange (NSE) and the BSE.
"We are continuously monitoring the evolving situation, and all necessary steps will be taken in order to ensure availability and affordability of major petroleum products in the country," the Ministry of Petroleum and Natural Gas said in a post on X.
Escalating tensions in Iran and the wider West Asia region have intensified concerns over global crude oil supplies, with experts warning of sustained volatility that could potentially impact India's energy sector.
Falling debris from an intercepted Iranian drone has caused a "limited fire" at Aramco's Ras Tanura refining facility in Saudi Arabia, the Saudi Defence Ministry spokesperson Turki Al-Maliki said, as reported by Al Arabiya.
The escalation of the Israel-Iran conflict, marked by the reported killing of Iran's Supreme Leader Khamenei, is set to impact Indian equity markets through trade flow disruptions and a spike in crude oil prices.
Gold prices could surge to USD 6,000 per troy ounce and rupee may weaken to 92-92.5 against USD if the Middle East conflict escalates further, according to a report by Elara Capital.