India expresses concern over rising oil prices following developments in Strait of Hormuz

India Friday expressed concern over developments in the Strait of Hormuz impacting oil prices and sought OPEC-kingpin Saudi Arabia's active role in keeping rates at reasonable levels.

Brent oil Thursday jumped about 5 per cent, the most since January, and is now trading near USD 65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces.

Oil Minister Dharmendra Pradhan discussed the situation with Saudi Oil Minister Khalid Al Falih.

"Expressed concern on the developments in the Strait of Hormuz leading to rising crude oil price. Reiterated the sensitivity of Indian consumers to prevailing oil price volatility. Sought active role of #SaudiArabia within OPEC & OPEC Plus for keeping oil prices at reasonable levels," Pradhan tweeted.

About a quarter of the world's LNG and about one-fifth of the world's oil transits through the Strait of Hormuz, the narrow sea conduit that borders Iran.

"Had a telephonic conversation with HE @Khalid_AlFalih, Min. Of Energy, Industry & Mineral Resources, Saudi Arabia and discussed about further strengthening cooperation in hydrocarbon sector to enhance strategic partnership that exists between India and Saudi Arabia," Pradhan said.

"Discussed about Saudi interests in energy sector in India to further bolster our bilateral ties. Also reviewed with HE @Khalid_AlFalih the progress of Saudi investments in India's refining & petrochemical sectors."