By Admin 
Crude Oil Price Surge: The ongoing events in the Middle East have led to a rise in crude oil prices. Brent crude has now crossed $ 112 per barrel. Due to the increasing tension and effect of war between America, Iran and Israel, the prices of crude oil have increased by about 56 percent in the last 30 days.
Before the war started, crude oil was trading around $70 per barrel. Whereas now it has reached 112 dollars. Which is a direct indication of increasing pressure on global supply. Let us know about this in detail….
Crisis deepens due to closure of Hormuz Strait
The impact of the Iranian government’s decision to close the Strait of Hormuz has been seen on global supply. This route is one of the important oil routes of the world. Due to its impact, 20 percent of the world’s energy supply is disrupted. This is the reason why there is a rise in the prices of crude oil.
India’s gas needs affected
The global energy crisis is no longer limited to oil alone. In fact, the LNG market is also in trouble. India imports about 47 percent of its total gas requirements from Qatar.
Due to the ongoing attacks in Qatar, exports have fallen by 17 percent. Due to which countries like India are expected to be significantly affected.
Impact of expensive oil and gas on India
For countries whose energy needs depend on imports, disruption in the supply of oil and gas has the greatest impact. India is also included in these countries. The rising prices of oil and LNG not only increase the cost of transportation and electricity, but there is a possibility of increase in the cost of industries and production.
Its direct result is seen in the form of increase in inflation. Due to which the prices of everyday goods and services increase. This affects the pockets of common people and spoils the household budget.
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