THE IRAN-ISRAEL TENSION: OIL PRICE IMPLICATIONS FOR INDIA
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- THE IRAN-ISRAEL TENSION: OIL PRICE IMPLICATIONS FOR INDIA
Iran’s first direct attack using missiles and drones against Israel on 13th April’24 has ignited new tension between the two states and increased the probability of further escalations. According to media reports, Israel has attacked back as a retaliation the Isfahan province in Iran with drone and missile strikes.
Whether Iran would close the Straits of Hormuz, is an open question, but the issue is quite complex. The Strait serves as a fundamental international shipping lane, enabling the transportation of a significant portion of the world's oil and gas supply. Given its global strategic significance, any attempt to block this could have serious international repercussions.