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.

Also read: Gold Silver Price Today: Sharp fall in gold and silver prices, gold became cheaper by Rs 6,700 and silver by Rs 12,700; Know the latest price of your city

Iran’s Foreign Minister Abbas Araghchi said on Saturday (14 March 2026) that the Strait of Hormuz is not completely closed. This route is closed only to US and Israeli ships and tankers, while ships of other countries are allowed to pass. In an interview, he said that the Strait of Hormuz is open, but the ships of countries which are attacking Iran or are its enemies will not be allowed to pass through this route. Ships from other countries can go through here normally.

However, the ground situation appears different. According to the report of Jerusalem Post, hundreds of ships are stranded in this sea route located between the Persian Gulf and the Gulf of Oman, which includes many Indian ships. Iran’s Foreign Minister said that many ships are avoiding passing through this route due to security reasons. According to him, this decision is of the ship companies and is not directly related to Iran. He also said that many tankers and ships are still passing through the Strait of Hormuz.

Iran’s Foreign Minister Abbas Araghchi:

The Strait of Hormuz is open.

It is only closed to the tankers and ships belonging to our enemies, to those who are attacking us and their allies.

Others are free to pass.

Of course, many of them prefer not to because of their security… pic.twitter.com/GDlN5NpBpB

— Clash Report (@clashreport) March 14, 2026

US President Donald Trump’s warning

US President Donald Trump has warned Iran that if it obstructs the movement of ships, Iran’s oil infrastructure could be targeted. Trump had earlier also announced an attack on Iran’s important oil center Kharg Island. Trump also said that many countries can send their warships to keep this sea route open. He expressed hope that countries like China, France, Japan, South Korea and the United Kingdom can also send ships so that business and energy supply can continue.

Russia and China are Iran’s strategic partners

Abbas Araghchi also said that Russia and China are strategic partners of Iran and military cooperation with them is already ongoing. In fact, the Strait of Hormuz is one of the most important sea routes in the world. It is located between Iran and Oman and its width at the narrowest point is about 33 kilometers. Every day, about 20 percent of the world’s oil supply passes through this route, so if this route is closed, it can have an impact on the oil market and economy of the entire world.