Iran closes Strait of Hormuz, threatens India's energy imports
Iran has closed the Strait of Hormuz, a major channel for global oil and gas shipments.
Since this strait handles about 20% of the world's crude oil and lots of liquefied natural gas, or LNG, India's energy imports are suddenly at risk.
If the closure drags on, it could mean pricier fuel and supply shortages, something that feels all too familiar after the price spikes earlier this year.
Indian exporters worry, refiners seek suppliers
Exporters and manufacturers in India are worried about rising energy costs and possible fuel shortages.
Many refiners have started turning to alternative suppliers like Russia, the US West Africa, and South America to keep things running smoothly.
Meanwhile, officials are keeping a close eye on developments to make sure essential cargo keeps moving safely.