Iran war hormuz crisis: The news of blockage of oil supply by Iran amid the war with America has created panic in the global energy market, due to which the prices of crude oil suddenly jumped to beyond $115 per barrel.

This increasing geopolitical tension in the Middle East has not only created the fear of supply chain breakdown, but has also created a new crisis of inflation in front of the global economy.

For countries like India, which import a large part of their oil needs, this situation is particularly worrying as rising crude oil prices increase the risk of huge increases in petrol-diesel prices and transportation costs.

Also read: Danger of ‘famine’ like situation due to Iran war, 4.5 crore people on the verge of starvation, World Bank report scares

Attempt to put economic pressure on Iran
It was reported in the Wall Street Journal that US President Donald Trump has tried to put pressure on Iran’s economy. For this, he has instructed his allies to increase the ongoing blockade of Iran’s ports. These news have come to light only after these reports. Meanwhile, Iran has also said that it will continue to disrupt traffic passing through the Strait of Hormuz in response to the American blockade.

Huge fluctuations seen in oil prices
Let us tell you that ever since the war between Iran and the US started, there have been continuous fluctuations in oil prices. Due to this war, the movement of ships on Hormuz is being greatly affected, due to which there is a shortage of crude oil all over the world. So in India too, there was an increase in the prices of domestic gas and petrol and diesel. Apart from this, people have also had to face shortage of gas.

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