Mon Jun 23 03:00:00 UTC 2025: **Oil Prices Surge After US Strikes Iran, Raising Fears of Supply Disruption**
**New Delhi:** Global crude oil prices jumped over 2% on Monday morning following a US attack on three Iranian nuclear facilities, sparking fears of a major disruption to global oil supplies. The escalation marks a significant turning point in the ongoing Israel-Iran conflict and has raised concerns about the potential closure of the Strait of Hormuz, a critical chokepoint for nearly 20% of the world’s crude oil flow.
Brent crude futures for August delivery rose to $78.66 per barrel, up 2.14%, while West Texas Intermediate (WTI) futures on the NYMEX increased by 2.06% to $75.36 a barrel.
The Iranian parliament has reportedly voted to block the Strait of Hormuz in retaliation for the US strikes, although the proposal requires approval from the country’s Supreme National Security Council. Such a move would have significant consequences for global energy markets, particularly for oil-importing nations like India.
India, which relies on the Strait of Hormuz for nearly half of its crude oil imports and 60% of its natural gas imports, is closely monitoring the situation. While India no longer directly imports oil from Iran due to US sanctions, supplies from Iraq, Saudi Arabia, Kuwait, and the United Arab Emirates, all routed via the Strait, are crucial.
In response to the escalating tensions, Indian Petroleum Minister Hardeep Singh Puri assured the public that the country has adequate supplies of crude oil and has diversified its supply routes in recent years, reducing its reliance on the Strait of Hormuz.
“We have been closely monitoring the evolving geopolitical situation in the Middle East since the past two weeks,” Puri stated on social media platform ‘X’. “Under the leadership of PM Narendra Modi, we have diversified our supplies in the past few years and a large volume of our supplies do not come through the Strait of Hormuz now.”
He added that Oil Marketing Companies (OMCs) have supplies for several weeks and continue to receive energy supplies from several routes. The government is committed to taking all necessary steps to ensure stability of fuel supplies to its citizens.
The long-term impact on global oil prices and supply chains remains uncertain, but the situation is being closely watched by governments and energy markets worldwide.
First Piper 