PM Modi Briefs Lok Sabha On Middle East War, Says “Situation In West Asia Deeply Concerning”

The war in Iran presents a “concerning situation” given India imports significant quantities of crude oil and gas from Gulf nations, Prime Minister Narendra Modi told Parliament Monday. But India, the Prime Minister said, is responding to volatility caused by Tehran’s chokehold on the Strait of Hormuz, which supplied the country 1.3 million barrels of oil daily pre-war. Overall, the Strait of Hormuz accounts for a fifth of the world’s seaborne crude oil trade; an estimated 20 million barrels per day are shipped through its waters, with India, China, Japan, and South Korea amongst the major buyers. But fighting in Iran, and missile strikes on energy infrastructure in the wider West Asia region, crippled tanker traffic through the strait, driving Brent crude benchmarks to a nearly four-year-high and raising fears of petrol and gas price hikes in India. The PM, though, reassured crores of Indians watching energy prices and mentally calculating the impact on household budgets. “Our government has tried (to ensure) that petrol, diesel and gas supply shouldn’t get disrupted (and that) households shouldn’t suffer,” he said.