PM calls Hormuz blockade 'unacceptable,' urges dialogue
Prime Minister Narendra Modi has called the blockade of the Strait of Hormuz "unacceptable" and has urged dialogue and diplomacy to de-escalate the West Asia conflict.
This strait is vital for India: almost half its crude oil and roughly half of its liquefied natural gas (LNG) imports transit the strait.
Impact on economy
With the Strait of Hormuz effectively blockaded, 22 Indian ships are already stuck, including LPG carriers and oil tankers.
If crude oil prices rise by a sustained $10 per barrel, India could see its annual import bill rise by about $13-14 billion, meaning higher costs across the board and a weaker rupee.
The government is even considering a special fund to help cover spiking insurance costs for ships.
Finding new energy routes could also get pricier and take much longer, making this a big deal for India's economy and your wallet.