Escalating tensions around the Strait of Hormuz following the US–Israel conflict with Iran are rattling global energy markets, exposing Asia’s heavy dependence on Gulf oil
The closure of Strait of Hormuz, which carries nearly 20% world’s oil supply, could push up oil prices for import-dependent India, widening the current account deficit, weakening the rupee, and fuelling inflation
State-run GAIL may cut natural gas supplies after around 30 per cent of India's LNG imports were disrupted due to the escalating conflict in West Asia and shipping restrictions in the Strait of Hormuz, raising concerns over supply and prices
