India imports about 90 percent of its total oil needs, and in recent times, it has increased oil purchases from the Middle East instead of Russia.

The oil crisis due to Middle East tension will no longer affect India!

Middle East Tensions: Rising tensions in West Asia and the potential closure of the Strait of Hormuz have posed new challenges for India. According to reports, India has again started turning to Russian oil in view of the potential disruption in oil supplies from the Middle East. India imports approximately 90 percent of its total oil needs and recently increased its oil purchases from the Middle East instead of Russia. However, due to the war-like situation related to Iran, India is now moving towards purchasing crude oil from Russia to reduce the risk.

Turning to Russian oil again

It's worth noting that in recent weeks, Indian oil compIt's worth noting that in recent weeks, Indian oil companies have somewhat reduced their crude oil purchases from Russia, in light of a potential trade deal with the United States. Following this decision by Indian companies, Russia diverted additional oil supplies to China. However, the situation now appears to be changing. According to a Bloomberg report, ship-tracking data shows that some Russian crude oil shipments headed for East Asia have now been diverted to India.

At the same time, according to the data of ship monitoring platforms Kpler and Vortexa, two tankers are carrying about 1.4 million barrels of crude oil, which can be unloaded at Indian ports this week. Concerns about energy security have increased. After the military action by Israel and the United StatAfter the military action by Israel and the United States against Iran, instability has increased in the global oil markets, and crude oil prices are seeing a rise.e begun to rise even before actual supply disruptions, as investors fear the strategically important Strait of Hormuz could be affected. Nearly 20 percent of global oil trade passes through this narrow sea route, located between Iran, Oman, and the United Arab Emirates. Reports of an attack on an oil tanker and disruption of maritime traffic have further fueled market concerns.

Experts say that even the mere threat of disruption in the energy market is enough to drive prices higher. Oil is not just a simple commodity but a vital resource that influences global geopolitics. Energy supplies have been used as a tool of pressure many times in history, whether it's the oil embargo of the 1970s or Russia's gas supply cut to Europe in 2022. Following the attacks on Iran, the price of global benchmark Brent crude has reached nearly $76 per barrel, up from around $68 a few weeks ago.