Modi calls meet on West Asia conflict's impact on India
With the West Asia conflict disrupting global energy routes, Prime Minister Modi called a high-level meeting on Sunday to tackle its impact on India's fuel, power, and fertilizer supplies.
The crisis kicked off after exchanges of attacks involving the US Israel, and Iran in late February, leading Iran to strike an LNG facility in Qatar and oil refineries in Saudi Arabia, block the Strait of Hormuz (through which about 20% of global energy shipments pass), and retaliate against Israel while striking energy infrastructure in Gulf countries.
Oil prices have shot past $110 a barrel
India gets most of its gas from this region, so disruptions are already causing LPG shortages for homes and businesses here.
Oil prices have shot past $110 a barrel, making everything from travel to food pricier. If things drag on, prices could spike even higher.
Congress leader Shashi Tharoor summed it up: the longer the war continues, the fewer options India will have.
He's urging India to diversify where we get our energy so we're not stuck if things get worse.