Iran–Israel War: Iran Parliament Approves Closure Of Strait Of Hormuz; India Monitoring Oil Trends

• Do Not Think The US Will Let Iran Block Strait Of Hormuz

• If Iran Successfully Blocks Strait Of Hormuz, There Will Be A Full Blown War In Middle East

• Question Is Would Iran Be Allowed To Block Strait Strait Of Hormuz

• We Have Diversified Our Oil Imports, But Dependence On Saudi Arabia Is Significant

• Indian Economy Is Extremely Sensitive To Crude Oil Prices

• India Is The Third Largest Consumer Of Oil Globally

• We Consume 5.5 Mn Barrels Of Oil Everyday

• Blocking Hormuz Strait Will Not Only Impact Oil Prices But Also The Global Economy

• Even US Can't Handle Brent Above $100/Barrel

• If Iran Decides To Block Strait Of Hormuz, There Will Be Repercussions Even Outside The War

• If Iran Blocks Hormuz Strait, Brent Will Jump Over $100/Barrel

• The Moment Iran Ships Come To Block Hormuz Strait, There Will Be Retaliation

• Oil Is A Geo-political Commodity

• Core Demand & Supply Of Oil Seems To Be

• Indian Markets Should Hold Up Well In The Long Term

• Long-Term Money Flow Is In Favour Of India

• High Energy Prices Affect All Businesses

• Do Not Think Any Country Can Afford Major Disruption At This Point

• Iran's Reaction Crucial To Understand Depth Of The Conflict

• There Is Going To Be Upward Pressure On Prices Initially

• Markets Are Going To Be Down Initially

• Oil Prices Are Definitely Going To Take A Hit Initially

Blasts happened in Syria's Mar Elias church in Dwelia neighbourhood of capital city of Damascus, SANA news agency reported.

India's oil marketing companies have several weeks of supplies and they have diversified their sources, Minister of Petroleum and Natural Gas Hardeep Singh Puri said on a post on X.

• Authorities are closely tracking oil trends, given their impact on inflation and growth.

• Being an “extremely sensitive” sector, even limited disruptions significantly increase global crude prices.

• If this closure continues for “over a week”, it will jolt the global economy; India is also exposed to potential fallout.

• We think the situation will be short-lived and may return to normalcy.

• Increasing crude imports from Russia depends on discounts and price trends

• Govt may consider reviewing excise duty cuts on fuel in case crude oil breaches the $105/barrel level.

Alert: Roughly 20% of the world’s crude oil passes through the Strait of Hormuz

Source: Top government sources to NDTV Profit