FreeCurrencyRates.com

इंडियन आवाज़     19 May 2024 10:42:16      انڈین آواز

Oil prices may shoot up if Iran blocks Strait of Hormuz

(Last Updated On: )

Oil and LNG prices are likely to shoot up in India if Iran block Strait of Hormuz, through which countries like India import crude oil from Saudi Arabia, Iraq and UAE, according to market watchers

Crude oil prices have hovered around USD 90 per barrel since the Iran and Israel conflict has escalated over the last few days. Iran first launched drone and rocket attacks on Israel, which retaliated by firing a missile.

Motilal Oswal Financial Services in a statemnt said while de-escalation efforts will likely control the crisis, oil and LNG prices will spike in case Iran completely or partially blocks the Strait of Hormuz.

The Strait of Hormuz is a narrow sea passage between Oman and Iran. It is about 40 km wide at the narrowest point, with 2 km of navigable channels for incoming and outgoing ships. It is the key route through which crude oil is exported by Saudi Arabia (6.3 million barrels per day), the UAE, Kuwait, Qatar, Iraq (3.3 million bpd) and Iran (1.3 million bpd).

India, which is more than 85 per cent dependent on overseas suppliers to meet its crude oil needs, imports oil from Saudi, Iraq and UAE as well as liquefied natural gas (LNG) from Qatar through the Strait of Hormuz.

Please email us if you have any comment.

خبرنامہ

ناہمواریوں کے باوجود عالمی معیشت میں بہتری کی امید

ترقی پذیر ممالک میں محنت کشوں کے معاوضوں میں اضافہ ہو رہا ہے ...

معاشی تبدیلیاں اور انتخابی نتائج…

عام لوگوں کی تنخواہیں ٹھپ ہو کر رہ گئی ہیں جبکہ سرمایہ دار بے ...

متحدہ عرب امارات، ہندوستان کے محنت کش مہاجرین کا سب سے بڑا مرکز-UAE

انسانی تاریخ کے ہر دور میں مہاجرت ہوتی رہی ہے تاہم یہ مسئلہ ع ...

MARQUEE

Singapore: PM urges married Singaporean couples to have babies during year of Dragon

AMN / WEB DESK Prime Minister of Singapore Lee Hsien Loong has urged married Singaporean couples to have ba ...

Himachal Pradesh receives large number of tourists for Christmas and New Year celebrations

AMN / SHIMLA All the tourist places of Himachal Pradesh are witnessing large number of tourists for the Ch ...

Indonesia offers free entry visa to Indian travelers

AMN / WEB DESK In a bid to give further boost to its tourism industry and bring a multiplier effect on the ...

MEDIA

Tamil Nadu CM Stalin attacks BJP over ‘saffron’ Doordarshan logo

AMN DMK Chief and Tamil Nadu chief minister MK Stalin on Sunday slammed the Bharatiya Janata Party (BJP) f ...

Broadcasting Authority Penalises TV Channels for Hate-Mongering, Orders Removal Of Offensive Programs

Broadcasting Authority (NBDSA) Orders Times Now Navbharat, News 18 India, Aaj Tak to Take Down 3 TV Shows ...

RELIGION

Uttarakhand: Portals of Badrinath Shrine open for Pilgrims

The portals of the famous Badrinath shrine, located in Chamoli district of Uttarakhand, opened this morning at ...

Mata Vaishno Devi Bhawan Decorated With Imported Flowers Ahead Of Navratri Festival

AMN In Jammu, ahead of the festivl of Navratri, Katra and Mata Vaishno Devi Bhawan is decorated with import ...

@Powered By: Logicsart