Indian oil supply may be affected by the Israel-Iran conflict, raising export costs.

• Israel’s attack on Iran and escalating tensions pose significant risks to India, affecting oil supplies and export costs.

• Global oil prices surged by about 8% in a single day, causing fears of inflation in India.

• India imports about 80% of its oil requirement, making global price spikes due to conflict potentially increasing crude oil import costs.

• Around 20% of global oil passes through the Strait of Hormuz, potentially affecting oil shipments from Iraq, Saudi Arabia, and the UAE.

• Disruptions in this area could significantly affect India’s exports, increasing costs and time.

• Oil prices surged after Israel’s attack, but are expected to settle back down.

• Gold prices also surged to above ₹1 lakh per 10 grams following the attack.