Global Oil Prices Soar Amid Iran-US-Israel Conflict and India's Russian Oil Imports

New Delhi: The ongoing war between Iran and the US / Israel has led to a sharp spike in the price of crude oil. Crude oil reached a four-year high near $120 a barrel on Monday. About 55 percent of India's oil used to come from the Gulf of Hormuz, from where shipping is currently blocked. But on March 6, the US gave India a 30-day grace period to buy Russian oil. During this time, India has bought 30 million barrels of crude oil from Russia, a Bloomberg report claims. Russia became India's largest supplier of crude after the Ukraine war. India was importing more than 2 million barrels of oil from Russia daily in the middle of last year. But US pressure reduced its purchases of Russian oil and started buying more oil from Saudi Arabia and Iraq. But the crisis in West Asia disrupted India's supply. Meanwhile, last week, the US gave India a 30-day grace period to buy Russian oil.