Israel's deadly plan against Iran may prove costly for India due to...; reports says Netanyahu is preparing for...
(File)
Iran-Israel war: Crude oil prices rose sharply on Sunday amid reports of Israel planning to attack Iran's nuclear bases in the coming days. As per market data, the prices of Brent crude increased by 69 cents, a jump of 1.06% to reach $66.07 per barrel, while WTI crude also witnessed a similar increase of 69 cents, each barrel trading at $66.07 apiece.
The rising prices of crude oil is a worrying development for India as the country is dependent on imports to meet a major chunk of its oil needs, with most of its crude oil coming from the Middle East. Israel planning to attack Iranian nuclear bases
The jump in crude oil prices comes amidst reports of Israel allegedly plotting to launch attack on nuclear bases in Iran. Citing US intelligence sources, several media reports stated that the Jewish nation was preparing to attack Iranian nuclear sites, even as there are conflicting reports about the Israeli leadership, including Prime Minister Benjamin Netanyahu, having taken a decision on the purported plan.
Reports citing sources asserted that the possibility of Israel taking such an escalatory step, which could potentially lead to a full-blown Iran-Israel war, and plunge the entire Middle East into chaos, has increased significantly in recent months. Trump wants a deal with Iran
Notably, the Donald Trump administration is engaged in backchannel talks with Iran to negotiate a nuclear deal. On Tuesday, Iranian Supreme Leader Ayatollah Ali Khamenei said that the United States had demanded that Iran must completely halt its uranium enrichment program.
However, Khamenei said the US demand was completely unacceptable, raising questions about the possibility of a deal between Tehran and Washington. How Israel's plan could hurt India?
If Israel attacks Iranian nuclear sites, it could potentially lead to a full-scale Iran-Israel war, triggering a crisis in West Asia and the Middle East, which would inevitably result in an increase in crude oil prices. This could be a major detriment for India, one of the largest crude oil consumers in the world, which depends on imports to meet more than 85 percent of its oil requirments.
According to government data, India imported 234.3 million tonnes of crude oil worth $137 billion in FY2025, against $133.4 billion in 2024, an increase of 3.4%.
Thus India's finances could be badly affected if crude oil prices surge in wake of an Iran-Israel war.
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