Years
The oil market fears that the global oil supply will have a profound impact if the Hermuz Strait is closed in Iran's retaliation. Let us also tell you that Iran's Press TV has told that the Iranian Parliament has passed a proposal to close this draft.
The possibility of increase in oil prices has become stronger due to the US bombing at Iran's nuclear bases. There is no doubt that if the price of oil increases, inflation will increase around the world and there will be uncertainty in economic activities. All kinds of things are going on on social media about the situation arising out of the situation in Iran. It is being said that keep oil in the car and keep it because prices are going to increase. Through this report, we will investigate whether you should really keep your car tank full?
Let us tell you that Iran has talked about responding to US attacks, in such a situation, if the war takes a wide form, then the negative effects will have the most chances of increasing energy prices. However, the Israeli stock market is indicating that now when Iran has reduced the chances of becoming a nuclear power, big changes can be seen in the economies of the Middle East. Analysts also say that oil prices may increase even if Iran Hormuz closes the drainage. Let us tell you that the harmz straw is 33 km wide and from there there is about one-fourth of the world's oil trade and 20% liquid natural gas supply. By the way, analysts also say that if Iran completely shuts down Harmuz, its own oil supply will also stop. Let us tell you that oil prices have reached their highest level since January on Monday (June 23, 2025) as the US has attacked Iran's nuclear bases, which has increased concern about supply. Let us also tell you that Iran is the third largest crude oil producer in OPEC.
The oil market fears that the global oil supply will have a profound impact if the Hermuz Strait is closed in Iran's retaliation. Let us also tell you that Iran's Press TV has told that the Iranian Parliament has passed a proposal to close this draft. Although Iran has threatened to do so earlier but never implemented it. Although there are alternative pipeline routes outside the region, it will not be possible to export the entire amount of oil in case the drainage is closed. It is believed that due to fear, shipping companies would prefer to stay out of this field.
As far as India is concerned, the Modi government is very serious about it that there is no shortage of oil. Anyway, India has a record number of oil reserve, so there is less scope for rising prices here. India's Petroleum Minister Hardeep Singh Puri has also said that we had forecast this situation. He said that under the leadership of the Prime Minister, the government is continuously reviewing the situation, including the possibility of the closure of the hormuz strait. He said that we have brought diversity in sources of supply. He said that out of 5.5 million barrels of crude oil consumed daily in India, about 1.5-2 million hormuz falls through the strait. The Petrol Minister said that we import about 4 million barrels from other routes. He also said that our oil marketing companies have enough stocks. Most of them have a stock of up to three weeks. One of them has a 25 -day stock. He said that we can increase the supply of crude oil from other routes … There is no reason for any concern in this case. He said that we will keep an eye on the situation in the front and the Prime Minister has already spoken to all the prominent leaders. He has a long conversation with the President of Iran to reduce tension. This is our hope and we all expect that the situation will calm down instead of deteriorating and the stress will decrease. He said that we are fully ready to deal with the changing situation.
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