Oil Price Hike: Amidst the US-Iran war and the Hormuz blockade, reports are emerging that the US is preparing to impose a complete blockade on Iran. This has led to a rise in oil prices.

Crude oil crosses $115

Iran war Hormuz crisis: News of blockade of oil supplies by Iran amid the war with America has created panic in the global energy market, due to which crude oil prices have suddenly jumped to cross $115 per barrel.

This growing geopolitical tension in the Middle East has not only created fears of supply chain disruption, but has also posed a new inflationary crisis for the global economy.

For countries like India, which import a large part of their oil needs, this situation is particularly worrying as rising crude oil prices increase the risk of a sharp increase in petrol and diesel prices and transportation costs.

These reports come after the Wall Street Journal reported that US President Donald Trump has attempted to pressure

Iran's economy, directing his allies to extend the ongoing blockade of Iranian ports. Iran has also stated that it will continue to disrupt traffic through the Strait of Hormuz in response to the US blockade.

Oil prices have fluctuated significantly

since the war between Iran and the US began. This war has significantly impacted shipping through the Strait of Hormuz, leading to a global crude oil shortage. Meanwhile, in India, domestic gas prices and petrol and diesel prices have seen a rise. Furthermore, people have faced gas shortages.