- Tuesday, April 22, 2025
Oil prices went up to more than $3 per barrel on Monday as military conflicts between Israel and Palestinian extremist group Hamas intensified.
By: Shubham Ghosh
INDIA, one of the world’s biggest oil importers, is keeping a close watch on the volatile situation in the Middle East, its oil minister Hardeep Singh Puri on Monday (9) said.
Oil prices went up to more than $3 (£2.46) per barrel the same day as military conflicts between Israel and Palestinian extremist group Hamas intensified, raising a serious question over the political stability in the region and raising concerns about the supplies.
“The place where action is taking place is in many respects the centre of global energy… as we go along we will navigate through this,” Puri told reporters at an industry event in New Delhi.
More than 1,300 people have been killed on either side amid heavy firing and bombing after Hamas carried out its biggest strike against enemy Israel in decades.
On Monday, Israeli defence minister Yoav Gallant said the authorities would impose a complete blockade on the Gaza Strip, slashing electricity and blocking food and fuel supplies as part of “a complete siege” on the Hamas-controlled enclave.
Global uncertainties of such nature encourage people to use sustainable, cleaner fuels, the minister added. He said crude oil prices of $100 (£82) a barrel were unsustainable.
Higher oil prices mean higher inflation and it could hurt growth in a country such as India, known to be a large-scale importer.
India last week had requested oil producers to show “sensitivity” towards consuming countries, hit by prices largely trading above $90 a barrel since Saudi Arabia and Russia decided to extend voluntary cuts to year-end.
(With Reuters inputs)
