Israel
Israel suddenly attacked Iran after fighting a long war against Hamas in Gaza. The attack was also killed in this attack along with several military and nuclear bases in Iran. The reason for this tension is also expected to affect oil supply in Western Asian countries. On Saturday, the price of Brent crude rose $ 6 to the highest price so far to $ 78 per barrel. At the same time, Iran’s retaliation on Israel has become a cause of even more concern. Experts say that there will be a lot of instability in the coming times due to increasing stress. In such a situation, trade and markets will be affected.
Experts say that oil and gass prices are also expected to increase due to oil export affected. In a conversation with news agency ANI, an expert said, “The question arises as to whether the export between Israel and Iran will affect exports.” Prices had increased last time when tension between Israel and Iran increased. However, after the matter was resolved, the supply started again and prices stabilized.
What effect on India
Experts say that India does not buy much oil directly from Iran. Nevertheless, India imports 80 percent of its needs. The matter of concern for India is the water treaty of Hauramj. It is engaged in Iran in the north and Arabia in the south. From here, 20 percent of the world’s LNG trade is done. In such a situation, it can prove to be a choke point. If there is any obstruction in this path, then the supply of oil from Iraq, Saudi Arabia and UAE will be interrupted. Iran has already threatened to block this route. If this happens, it will be difficult for India to import and petrol and diesel review can increase the prices of other fuel.
Now the effect on oil and gas prices for a long time depends on whether the tension between Iran and Israel is prolonged or the collision decreases. At the same time, OPEC countries announced in the last July that they would increase the supply of oil. In such a situation, the world will not have much impact even if the supply from Iran is reduced. When it comes to India, there is a good gross refining margin in the oil market here. In such a situation, there will be no effect on India recently.
