Reported By Indrajeet Singh
The ongoing Iran-Israel conflict is beginning to cast a shadow over the Indian economy, with a sharp rise in crude oil prices and a noticeable fall in the stock market.
India, which imports nearly 80% of its crude oil, is particularly vulnerable to global supply disruption. Over the past few days, crude prices have surged by $18 to $20 per barrel. As of today, the price of WTI crude stands at $74.86 per barrel, while Brent crude has reached $78.09 per barrel.
Here’s what Vijay Kalantari, President of the All India Association of Industry said to News24:
The price hike is being driven by two key factors
Disrupted transportation routes and reduced crude supply from Iran, as several countries avoid sourcing oil from the conflict-hit nation. Although India currently imports the majority of its crude oil from Russia, rising transportation costs are expected to push prices even higher.
Higher crude prices typically lead to increased petrol and diesel rates, which in turn affect the prices of essential goods and services across the board. Experts warn that the war must not be prolonged, as its economic impact is already beginning to ripple outward.
The financial markets also reacted negatively. With the U.S. now involved in the conflict, Indian stock markets opened sharply lower today, marking the first trading session since America’s entry into the war. The heavy fall signals growing investor concern over the widening geopolitical crisis and its economic consequences.
As the situation escalates, India remains on edge, watching closely for further developments that could impact its economy and energy security.
Also Read: Iran Warns Of Retaliation, Labels Trump ‘The Gambler’ And Threatens Serious Consequences
