Israel’s surprise airstrikes on Iranian nuclear sites have shaken global energy markets. Oil prices jumped sharply on fears of supply disruptions from West Asia. Brent crude rose over $6 to hit a five-month high of $78 per barrel on Saturday. Higher crude prices mean fuel will cost more. Shipping and freight charges are also set to rise. The Israel-Iran conflict may cause problems in India as well.
Israel- Iran war affect oil prices
The tensions deepened after Iran launched airstrikes on Tel Aviv. This sent the Volatility Index up by nearly 8% on Friday. Experts say oil and gas prices may stay high in the short term. However, unless oil exports are hit, prices may not stay elevated for long.
India is watching closely. The Strait of Hormuz is vital for its oil imports. Any disruption there could affect supplies from Iraq, Saudi Arabia, and the UAE. This could mean higher costs and delays for India’s exports and imports alike.
