Amidst US-Iran tensions and potential Strait of Hormuz closure, India, importing 2 million bpd through it, feels secure. Diversified sources like Russia, the US, and Brazil offer alternatives. Gas supplies remain unaffected. While near-term oil prices may surge to $80/barrel, India’s strategic reserves and alternative sourcing strategies provide a buffer against disruptions, ensuring energy security despite global volatility.

Iran’s IRGC launched a barrage of 40 ballistic missiles, including the Kheybar Shekan, targeting Israeli cities after US strikes on Iranian nuclear facilities. The attacks, which caused injuries and triggered air raid sirens, highlight the escalating conflict. Israel’s defense systems faced challenges from the new generation of missiles due to their maneuverability.

The Strait of Hormuz is one of the world’s most important oil transport chokepoints, carrying about one-fifth of the global oil output