Energy is central to human existence and prosperity. Hydrocarbons—petroleum crude oil and natural gas—are the dominant sources of energy in today's world. Therefore, the Strait of Hormuz, through which about 20 percent of global crude oil and 30 percent of liquified natural gas (LNG) pass through, is critical for global oil and gas supplies.
Iran—after being bombed by the American-Israeli axis for reasons that appear more invented than genuine—controls the Strait of Hormuz. Despite the US-Israel military superiority, Iran’s hold and control over the strait continues largely unaffected. Iran’s attacks on oil and gas facilities and other infrastructure of major producers—Saudi Arabia and the UAE for oil, and Qatar for gas—have compounded supply problem.
There was a moment of panic on 9 March when oil prices briefly touched $120 per barrel. However, some conciliatory signals from US President Donald Trump restored confidence that any closure of the Strait of Hormuz might not be prolonged. Oil prices fell below $100 per barrel on 10 March.
However, nothing is absolutely certain about which way the wind will blow in the coming weeks.
India has enormous import dependence for crude oil and gas—more than 85 percent in case of crude oil, and about 55 percent for natural gas supplies (LNG and CNG together). About half of India’s oil imports and 75 percent of natural gas imports come from West Asia.