New Delhi: Global energy markets remained volatile on Friday as oil prices hovered around the $100-per-barrel mark, while equities in several markets declined amid escalating tensions in the Middle East and concerns over energy supply disruptions.
The developments come as Iran’s leadership called for blocking the critical Strait of Hormuz and expanding the conflict with the United States and Israel, raising fears of a wider regional war.
Russia Pressures U.S. Over Oil Sanctions
At the same time, Russia has intensified pressure on the United States over sanctions affecting its oil exports.
Amid rising energy prices, the administration of Donald Trump issued a temporary 30-day authorization allowing countries to purchase Russian oil and petroleum products currently stranded at sea. The move aims to stabilise supply in global markets as the conflict involving Iran continues with no immediate signs of easing.
Oil Prices Stay Near $100
Despite easing slightly in early trading on Friday (March 13), oil prices continued to trade near the closely watched $100 per barrel level, reflecting market anxiety over potential disruptions to shipping routes in the Gulf region.
The Strait of Hormuz remains one of the world’s most important oil transit chokepoints, carrying a significant portion of global crude shipments.
India Assures Stable Oil Supply
Addressing Parliament on Thursday (March 12), Union Petroleum Minister Hardeep Singh Puri said India’s crude oil supply position remains stable despite the crisis.
He noted that before the current tensions, about 45% of India’s crude imports passed through the Strait of Hormuz. However, India has significantly diversified its energy sourcing.
According to the minister:
- Non-Hormuz crude sourcing now accounts for around 70% of imports
- India currently imports oil from 40 countries, compared to 27 in 2006-07
Mr. Puri credited Prime Minister Narendra Modi for diplomatic outreach that helped secure alternative supplies.
Opposition Protests Over LPG Shortage
Meanwhile, several opposition leaders staged protests in Parliament over reports of shortages in commercial LPG cylinders.
Among those protesting were Congress leaders Rahul Gandhi and Priyanka Gandhi Vadra, who demanded an explanation from the government regarding the alleged supply issues.
Rahul Gandhi criticised the government’s handling of the situation, claiming the Prime Minister was urging citizens not to panic while being concerned about “completely different reasons.”
Global Energy Concerns Rise
The ongoing conflict involving Iran, Israel, and the United States has raised alarms in global markets, particularly because any disruption in the Strait of Hormuz could significantly affect oil supply, shipping routes, and global fuel prices.
Markets remain on edge as geopolitical tensions continue to shape the global energy outlook.