The battle between Israel-Iran has been going on for 11 days and it has intensified after the US entry. The Iranian Parliament has also approved the closure of Strait of Hormuz, strategically important in a hurry after the air strike by America on three Iran’s three nuclear sites. This is a major sea oil route, through which 26 percent of the world’s crude oil is traded. In this, blockage can increase the prices of oil strongly and can increase inflation. However, if we talk about its impact on India, Petroleum Minister Hardeep Singh Puri has made it clear that the country will not affect much effect in the country.
Petroleum Minister said- no effect on supply
In response to the US attack, while Iran intensified attacks on Israel, on Sunday, Parliament was approved by Parliament to close the most important root of Hormuz Strait (Strait of Hormuz). A few hours after this threat, Petroleum Minister Hardeep Singh Puri issued a statement assuring the Indians and said that our energy security will remain intact. He said that our oil supply has been diversified and most of the supply does not come through hormuz and in such a situation, the supply will not be affected.
Got trust through social media posts
Hardeep Singh Puri said in a post on social media platform x, ‘We are closely monitoring the geopolitical conditions developing in the Middle East for the last two weeks. Under the leadership of Prime Minister Narendra Modi (PM Narendra Modi), we have diversified our oil supply in the last few years and now a large part of our supply comes through Hormuz Strait. He further said that our oil distribution companies have several weeks of oil supply and they are being brought from many other routes. The Petroleum Minister assured the Indians and said that we will take all the necessary steps to ensure the stability of fuel supply to our citizens.
We have been closely monitoring the evolving geopolitical situation in the middle east since the past two weeks. Under the Leadership of PM @narendramodi Ji, we have diversified our supplies in the past few years and a large volume of our support do not come through the strand…
– Hardeep Singh Puri (@HardeepSpuri) June 22, 2025
Supply of adequate crude oil
The Union Minister said that it is very difficult to guess about the price of Crude Oil. For a long time, its price remained between $ 65 to $ 70 per barrel and then it reached between $ 70 to $ 75 per barrel. He said that when the markets open on Monday, the consequences of the closure of the hormuz straight will be taken into consideration, but as I have been saying for a long time, adequate oil is available in the global markets. More and more oil is coming from global markets in India. Therefore, it is expected that the market will keep it in mind.
Why is Strait of Hormuz?
It is important to know here why the Straight of Hormuz is special, which has caused panic. So, as stated, it is a major sea oil route for crude oil trade in the world, which is an area controlled by Iran and it is only through this route to supply crude oil and gas from the Gulf countries. According to reports, it is hindered or it is closed, then its effect can be seen clearly on all European countries including America as well as India.
Even though the Iran’s parliament has got approval to close the hormuz. However, on Sunday, Major General Kovsari, a member of the National Security Council of Parliament, said that the Supreme National Security Council of Iran, the Supreme National Security Council of Iran is required to finalize the decision.
Oil imports increased from Russia-America
India, the third largest oil importer in the world, takes about 40% of its crude oil and about half of the gas is taken through the straw of Hormuz, but amidst the increasing struggle over it, India has already taken a big step and now more oil is being imported from Russia and America than middle East suppliers. Compared to May, India oil import from Russia has reached two years high in June.
Looking at the data of the Global Trade Analyst firm CPLER, this month oil imports from Russia and America have increased more than the total purchase of traditional middle East suppliers. India is importing 2-2.2 million barrels of Russian Crude Oil per day, while importing crude oil from the US, it has become June 439,000 BPD per day, which was 280,000 BPD in the last month of May.