Two Indian vessels were forced to change course after reported gunfire by the Iranian Navy near Oman. One carried 2 million barrels of Iraqi crude. The move raises tensions, and India may summon Iran’s envoy over the incident.
The U.S. has ended the waivers granted on oil imports from Russia and Iran, a move that could disrupt global supply chains. India—a major purchaser of Russian oil—may now be compelled to adopt a new strategy.
Donald Trump has claimed that the United States has initiated the process of clearing the Strait of Hormuz. This move is being described as crucial for global oil supplies and trade, although the situation remains not entirely clear.
With Rs 0.29 hike, the price of petrol on Monday jumped to Rs 73.91 in the national capital.
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