Crude oil Price rise: Crude oil becomes 12 percent more expensive in a week
Crude oil Price rise: Crude oil becomes 12 percent more expensive in a week: The growing tension between Israel and Iran has affected the prices of crude oil in the international market. Prices have increased by about 12 percent in October, which can have serious economic implications on countries like India. India, which is a net petroleum importer, may face import pressure due to this situation. If this tension continues, India's economic stability may be seriously threatened.
Internationally, tensions between Israel and Iran are increasing. Due to this, crude oil prices have jumped by about 12 percent in October.
Rise in oil prices:
On September 30, 2023, the price of Brent crude was $ 71.81 per barrel. But by October 7, it rose to over $ 80. This means that oil prices are rising rapidly.
India is the largest importer of crude oil. This may increase the pressure of oil imports on India. In the financial year 2024-25, from April to August, India imported petroleum worth Rs 6,37,976.02 crore. This is 10.77 percent more than last year.
Iran has supported Israel's action. This is increasing the prices of crude oil. Iran and other countries of West Asia are big petroleum exporters. Increasing fighting between these countries means that the supply of oil will be negatively affected.
India's oil import dependence:
India is a net petroleum importer. This means that India has to depend on other countries for crude oil and other energy products.
The Indian government is trying to adopt other energy options. But so far it has not been very successful. If the tension increases further, India may face economic pressure. If oil prices continue to rise, then problems may increase for India in the coming times. This may also increase inflation.
The tension between Israel and Iran is creating economic challenges not only for those countries but also for countries like India. If the situation does not normalize soon, its impact will be felt widely.
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