The fallout of the crisis in West Asia on India’s economy

What Happened

A West Asian conflict has disrupted global energy production and transport, affecting crude oil, natural gas, and fertilizer supplies. The Strait of Hormuz blockade restricts passage of petroleum products and goods. Brent crude oil prices fell from $109.3 to $95 per barrel following a temporary ceasefire. India imports crude from 41 countries and depends on imports for nearly 90% of its crude oil needs. Supply chain normalization may take considerable time.

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