Crude oil prices have increased in the world market due to increasing tension between the US and Iran. Iran cannot export crude oil to any country, even then the prices of crude oil are increasing in the world market. The reason for this is the Hormuz Strait. This strait is the most important route of the oil business. It lies between the Arabian Gulf and the Gulf of Oman. Ships arriving from Kuwait, Saudi, Qatar and UAE sail through the Gulf of Oman and then further to the Arabian Sea.
Meanwhile, Iran’s Hormuz island falls, two-thirds of the world’s oil exports go through the Hormuz water region, which is very important for trade. Iran dominates this route. Whenever Iran has a dispute with America, Iran threatens to stop this route. Iran cannot compete with the US military, but can upset the US by making its dominance on this path.
What is the dispute between Iran and America
Tension has been going on between Iran and America for almost forty years. Tensions between the two countries have reached a peak over the past few days. Since then, the possibility of starting the third world war deepened. In fact, on Friday, the US launched an aerial attack on Iraq’s capital Baghdad. Iran’s commander General Qasim Sulemani died in this attack. After which tensions between the two countries have increased significantly. Iran had fired ballistic missiles in Iraq, where US troops were stationed, to teach the US a lesson. Although nothing has been clear on how much damage has been done in it, both countries are saying different things. Meanwhile, Iran has threatened to attack Israel if the US retaliates.
Iran and America dispute affect India
India is dependent on the Gulf countries for crude oil. Since the Iran and America dispute, there has been an increase in the prices of Tej. Brent crude oil rose 4.4 percent to $ 69.16 a barrel in the world market, while West Texas Intermediate crude oil jumped 4.3 percent to $ 63.84 a barrel. In such a situation, the price of petrol and diesel are increasing in the Indian market due to the increase in the price of crude oil. Petrol prices have reached 78 rupees in metro city. At the same time, Union Petroleum Minister Dharmendra Pradhan said that the government is ready for every kind of situation.