Supply Stability and Diversification
, heavily reliant on oil imports, has diversified its energy sources in recent years, reducing the proportion of supplies passing through the Strait of Hormuz. Union Minister assures weeks of supply stability.
Despite the Strait's closure potentially impacting global oil prices, India's strategic reserves and alternative sources from , the , and are poised to cushion the impact.
Diplomatic Efforts and Regional Impact
India calls for de-escalation and dialogue following US airstrikes in Iran, emphasizing peace and stability. 's stance reflects India's diplomatic balancing act between Iran and the US.
The Iranian parliament's motion to close the , awaiting ratification by Iran's National Security Council, raises fears of a global oil trade upheaval and price spikes.