Following volatile oil prices and uncertainty amid the ongoing conflict between Israel and Iran, Union Minister for Petroleum and Natural Gas Minister, Hardeep Singh Puri, said that India is reviewing global oil supply situation on a daily basis, adding that the country has sufficient stocks of crude oil.
On Friday, the day Israel attacked Iran, oil prices surged 7 per cent and the prices remained volatile on Monday following renewed strikes by the two countries over the weekend. The exchanges have increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.
The Strait of Hormuz, where much of the world’s oil passes through, has become a flashpoint. Any risk to oil’s safe passage through this shipping lane instantly affects oil markets.
For India, which imports over 80 per cent of its crude requirements, such events have a large impact on critical indicators ranging from inflation risks to trade balances.
Brent crude futures rose 64 cents, or 0.86 per cent , to $74.87 a barrel by 0507 GMT, while U.S. West Texas Intermediate crude futures gained 76 cents or 1.04 per cent , to $73.74. They had surged more than $4 a barrel earlier in the session and also fell into negative territory briefly.
Both benchmarks, however, settled 7 per cent higher on Friday, having jumped more than 13 per cent during the session to their highest levels since January.
Iranian missiles struck Israel’s Tel Aviv and the port city of Haifa on Monday, destroying homes and fuelling concerns among world leaders at this week’s G7 meeting that the battle between the two old enemies could lead to a broader regional conflict.
