By Admin 
Oil Price: Today on Thursday, there was a tremendous rise in the price of international oil standard ‘Brent Crude’. Early Thursday morning, its price increased by 8.2 percent and crossed $ 100 per barrel.
In fact, Iranian boats laden with explosives targeted two oil tankers named Safesea Vishnu and Zefyros in Iraqi waters. After this action of Iran, Iraq has completely stopped operations at all its oil terminals citing security reasons. Due to this, the matter regarding supply of crude has again become disturbed.
Why did Iran attack?
It is being told that this attack is a response to the steps taken by IEA to reduce oil prices worldwide. In fact, the International Energy Agency (IEA) in view of oil becoming expensive worldwide due to the war, decided to release 400 million barrels of oil from its emergency stock into the market. Now when there will be more oil in the market, the price will automatically reduce.
Apart from America, developed countries like Japan, South Korea, Germany and Britain are also withdrawing some part of their ‘Strategic Petroleum Reserve’. Here, Iran does not want oil prices to come down so that pressure can be put on America and Europe to stop the war. By attacking Iraqi tankers, Iran gave this message – “As much oil as you put in the market, we will destroy that many tankers.”
Iran gave warning
Taking a tough stand against US and Israeli attacks on its oil centers and refineries, Iran has warned the world of oil prices reaching $200 per barrel. Iran has clearly said that it will not allow even a single drop of oil to reach America or Israel through the Strait of Hormuz. Whereas about 20 percent of the oil supplied to the world passes through this route.
Impact of Iran’s attack on India
India imports about 80-85 percent of its needs from the Middle East. Iraq is also a big supplier to India. India imports about 20 percent crude oil from here. Iraq’s decision to stop operations at the oil port after Iran’s targeting of Iraqi tankers will also have an impact on India.
If oil prices increase at the global level, its impact will obviously be visible in India. In view of this crisis on oil, a big decline is being seen in the Indian stock market today. Sensex has fallen by more than 900 points. A big decline is also being seen in Nifty.
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