 "Israel Iran conflict oil impact, Strait of Hormuz oil crisis, India crude oil imports 2025, Russia oil exports to India, India current account deficit 2025, global oil price surge, West Asia geopolitical risk, Indian economy oil dependence, oil shock")
The escalating conflict between Israel and Iran has sent shockwaves across global oil markets. Iran's parliament has approved closure of the Strait of Hormuz -- a vital choke point through which nearly one-fifth of the world’s crude oil and gas is transported. The move, if implemented, is set to escalate oil prices further, intensifying pressure on energy-importing nations like India.
Given that India imports close to 90 per cent of its crude oil requirements, further instability in West Asia could hit its economy hard (Chart 1).
To offset oil shocks, India has diversified its supplies,
