US Strikes on Iran Raise Global Oil Fears

New Delhi: The recent US airstrikes on Iran’s nuclear facilities have significantly escalated tensions in the Middle East, raising fresh concerns over global oil and gas supply chains. The Persian Gulf, home to the world’s largest oil producers, now stands on the brink of disruption as fears mount over possible retaliatory actions and wider regional instability. These developments come at a time when the global energy market is already under pressure due to geopolitical uncertainties and fluctuating demand.

For India, the world’s third-largest importer of crude oil, the threat is immediate and serious. According to industry officials and analysts, India’s current LPG (liquefied petroleum gas) storage infrastructure — including import terminals, refineries, and bottling plants — can hold reserves sufficient for only about 16 days of national average consumption. This limited buffer poses a risk of potential shortages if oil and gas shipments from the Gulf are interrupted.

The Indian Oil Corporation and other major public sector oil companies have been closely monitoring the situation. Emergency meetings have been conducted by the Petroleum Ministry to assess contingency plans in case the crisis deepens. While India has strategic petroleum reserves that can cover a few weeks of crude supply, LPG storage remains a vulnerability.

Experts suggest that if the conflict escalates and shipping lanes like the Strait of Hormuz are compromised, the impact on energy prices and availability could be severe. Over 60% of India’s LPG imports come from the Gulf region, particularly from countries like Saudi Arabia, UAE, and Qatar. Any disruption could affect millions of Indian households that rely on LPG for cooking, especially in rural and semi-urban areas.

Energy economists have recommended urgent investments in expanding storage infrastructure and diversifying import sources to improve long-term energy security. Meanwhile, global oil prices have already begun reacting to the situation, with crude oil trading near \$90 per barrel and likely to rise further if tensions persist.

As the situation remains volatile, the Indian government is expected to issue fresh advisories and possibly consider temporary subsidies or rationing measures if supply chains face any major hit. The international community, including the United Nations and G7 nations, has called for restraint, fearing a broader conflict could cripple energy security worldwide.