Three vessels operated by the Pakistan National Shipping Corporation (PNSC) were stopped on Sunday by Iran from proceeding towards the Strait of Hormuz amid escalating tensions in West Asia, the ARY News reported.
Indian Rice Exporters Federation (IREF) has issued an advisory to its members in view of the deteriorating situation in Iran and parts of the Gulf, and reports that movements through the Strait of Hormuz could be restricted.
Crude oil prices could surge to as high as USD 95 to USD 110 per barrel if Iran's oil supply and the Strait of Hormuz face disruption amid ongoing tensions, according to a report by Equirus Securities.
The United States has issued new navigation guidelines for US-flagged vessels transiting the Strait of Hormuz, advising them to avoid Iran's territorial waters and exercise caution amid heightened tensions, following recent US-Iran indirect talks and ongoing regional security concerns.
The latest report by S&P Global highlights that geopolitical tensions and shifting trade policies could potentially have a negative impact on the global oil demand.
Amid rising tensions in the Middle East due to continued military action by Israel and Iran, experts have said that any closure of the Strait of Hormuz will hit global oil trade.
Amid the ongoing conflict in the Middle East and rising crude oil prices, energy experts have said that oil supply through the Strait of Hormuz is unlikely to be immediately affected, though risks remain if tensions escalate further.
"The Modi government has, over the past several years, not only ensured the stability of supplies but also affordability. We will take all necessary measures to ensure that," Puri told ANI.
"The Ministry of Foreign Affairs of the Islamic Emirate of Afghanistan, in continuation of the Israeli regime's attacks, condemns the United States' strikes on the nuclear facilities of the Islamic Republic of Iran, & expresses concern over the growing instability in the region," Spok
"The Modi government has, over the past several years, not only ensured the stability of supplies but also affordability. We will take all necessary measures to ensure that," Puri told ANI.
Roughly 20 per cent of global oil and a significant portion of natural gas pass through the Strait. Europe imports oil and liquefied natural gas (LNG) from Gulf states--Saudi Arabia, Qatar, UAE-- much of which travels through the Strait. If Iran blocks it, global oil prices would spike, a