Crude Oil Price Rise: The growing tension between Israel and Iran has affected crude oil prices in the international market. Prices have increased by about 12 percent in October, which can have a serious economic impact on countries like India. India, which is a net petroleum importer, may face import pressure due to this situation. If this tension continues, India's economic stability could be seriously threatened.

Internationally, tensions are increasing between Israel and Iran. Due to this, crude oil prices have jumped by about 12 percent in October.

Hike in oil prices

On September 30, 2023, the price of Brent crude was $71.81 per barrel. But by October 7, it had risen to over $80. This means that oil prices are rising rapidly.

Impact on India

India is the largest importer of crude oil. This may increase the pressure of oil imports on India. In the financial year 2024-25, from April to August, India imported petroleum worth Rs 6,37,976.02 crore. This is 10.77 percent more than last year.

Support for Iran

Iran has supported Israel's action. This is increasing the prices of crude oil. Iran and other countries in West Asia are big petroleum exporters. Increasing fighting in these countries means that there will be a negative impact on the supply of oil.

India's oil import dependence

India is a net petroleum importer. This means that India has to depend on other countries for crude oil and other energy products.

alternative energy sources

However, the Indian government is trying to adopt other energy options. But so far it has not been very successful. If the tension increases further, India may have to face economic pressure.

The time to come

If oil prices continue to rise, then problems may increase for India in the coming times. This may also increase inflation.

Thus, the tension between Israel and Iran is creating economic challenges not only for those countries but also for countries like India. If the situation does not normalize soon, its impact will be felt widely.