India's trade with GCC in focus amid Iran-Israel ongoing conflict

Amid the ongoing Iran-Israel conflict, traders are worried that conflict will result in disruption and escalate freight costs. Trade with West Asian nations is crucial for India, considering that nearly two-thirds of its import of crude oil and half its inbound shipment of liquefied natural gas pass through the Strait of Hormuz, which Iran has now threatened to close. India’s trade with West Asia is crucial, considering that apart from Russia, it imports crude oil from Iraq, United Arab Emirates (UAE) and Saudi Arabia. Among the West Asian nations, the majority of India’s trade is with the Gulf Cooperation Council (GCC), comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. However, among the others, the value of trade is limited.