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Crude Oil Price Jumps: Due to the war between Iran-Israel, heavy stress in the middle East is directly affecting the global market. The attack on three important nuclear installations of Iran by the US has further deepened the entire crisis. There is a possibility that now the war may be stretched. This war has shook the global market. The threat of Iran’s major transport route of crude oil has increased the possibility of crude oil on the seventh sky due to the threat of closure of Hormuz Strait.
Crude oil on five months record high
The softening that was being seen in crude oil prices is breaking all the records. Crude oil has now reached a five -month record level to $ 80 per barrel. Experts believe that Iran will also have to close a hormuj strait in the answer that Iran will take as action. If this happens, it will increase the price of crude oil worldwide. If we talk about the impact on India, then not only the trade deficit will increase, but the risk of inflation will also increase in the country.
About 20 percent of global oil is transported through the Hormuz Strait. Oil prices have seen a jump of 11 percent within a week. Iran of OPEC Plus is the third largest oil producer country. It has a stake on about one third of the oil production that is produced around the world. In such a situation, Golman Sachs has expressed apprehension that if this route of Hormun is closed, then the price of crude oil can reach up to $ 100 per barrel.
What will be the effect?
Talk about India, it imports about ninety percent of its needs. The world’s third largest oil import is the country and out of 55 lakh barrels of oil daily, about 15 to 20 lakh oil comes to India via this hormuz strait. In such a situation, closing it can hurt the Indian economy. However, in the past, Petrol Minister Hardeep Singh Puri had given assurance that the situation is being reviewed and every possible step will be taken by the government to ensure the supply of fuel.
Also read: Iran-Israel stress caused Indian market, 700 points slip Sensex, Nifty also declines
(Tagstotranslate) Crude oil
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