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Informist, Monday, Mar. 2, 2026

NEW DELHI - Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday reviewed the supply situation for crude oil, liquified petroleum gas, and petroleum products amid the heightened geopolitical tensions in West Asia. "We are continuously monitoring the evolving situation and all steps will be taken in order to ensure the availability and affordability of major petroleum products in the country," the ministry said in a post on microblogging site X, formerly Twitter.

The meeting was attended by senior officials from the ministry and representatives from public sector companies, the ministry said.

Geopolitical uncertainties have intensified over the weekend after Israel and the US launched joint military strikes on Iran, prompting retaliation from Tehran. Iran's supreme leader, Ayatollah Ali Hosseini Khamenei, and several of the country's top military leaders were killed in the first wave of attacks by Israel and the US on Saturday. Iran has since retaliated against Israel and also targeted US military installations around the Persian Gulf region. 

Iran has also closed the Strait of Hormuz, a narrow waterway connecting the Persian Gulf to the Indian Ocean, resulting in a jump in crude oil and natural gas prices. A fifth of global crude oil supply flows through the Strait of Hormuz. About half of India's crude oil imports – primarily from Iraq, Saudi Arabia, the United Arab Emirates, and Kuwait – also pass through the strait, making the country particularly vulnerable to shipping bottlenecks and surging freight and insurance rates.

At 1909 IST, the May Brent crude futures contract on the Intercontinental Exchange was up 9.2% at $79.20 per barrel. The contract had touched an over one-year high of $82.37 per barrel earlier in the session. Every $1 rise in crude oil prices increases India's annual import bill by around $2 billion, putting pressure on the trade balance, JM Financial Services said in a report.  End

US$1 = INR 91.47

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Priyasmita Dutta 

Edited by Saji George Titus

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