PM Modi assures Parliament on oil reserves amid Iran war
Prime Minister Modi told Parliament on Monday (March 23, 2026) that the government is doing everything it can to shield India from the ripple effects of the U.S.-Iran war.
He called out attacks on ships and blockades in the Strait of Hormuz, highlighted ongoing talks with leaders in the region, and shared that India's oil reserves have more than 5.3 million metric tons in strategic reserves and are working to reach 6.5 million metric tons.
Impact of the conflict on India
The U.S.-Iran conflict has driven up global oil prices: Brent crude jumped from $80 to $120 a barrel between March 2 and March 9, 2026.
That's led to pricier LPG cylinders at home (increases of ₹60 for the 14.2-kg cylinder and ₹144 for the 19-kg cylinder), a weaker rupee (about ₹92 per dollar in March 2026), and a drop in the stock market.
The crisis has also disrupted life for millions of Indians living in Gulf countries and even paused production for Gujarat's tile industry.