Middle East Tensions Threaten Global Trade as Oil Prices Soar

Geopolitical pressure is mounting in the Middle East. The US and Israel's military attacks on Iran are going to have a profound impact on global trade. The cost of importing goods is going to go up. Not only oil, the cost of importing many products may go up in India. In such a situation, the question has arisen in the trade circles whether the Prime Minister will show the courage to buy oil from Russia. Iran is also responding to the US-Israeli attack. Iran is also spreading conflict in the Middle East. Shipping is being disrupted in the vital Strait of Hormuz, a vital sea route for international trade. It is an important waterway for India's connectivity with the Gulf countries. It is also a huge market for international trade in North America and Europe. The 33-kilometre-wide Strait of Hormuz connects the Persian Gulf and the Arabian Sea. International oil trade is getting affected. On Monday, the price of crude oil is expected to exceed $100 a barrel. The Strait of Hormuz, Saudi Arabia, and India are shipping a significant amount of crude oil and liquefied natural gas to India.