Mumbai, March 17 (IANS). Due to increasing concerns about supply, the rise in crude oil continues and on Tuesday, a jump of about 3 percent was seen in the prices.
In the international market, Brent crude was up by 2.81 percent at $ 103.03 an ounce and WTI crude was up by 2.80 percent at $ 95.03 an ounce.
The reason for the rise in crude oil is the closure of the Strait of Hormuz.
The Strait of Hormuz is a narrow passage in the Persian Gulf, through which about 20 percent of the world’s crude oil trade passes. Therefore, it remains a vital route for global energy trade, and any disruption to it could pose a serious risk to markets.
America has closed it from Iran due to the war with Israel, due to which the entire world’s crude oil supply has been affected.
Due to this, the global price of crude oil has increased by more than 50 percent in the last one month.
India is also in continuous talks with Iran to start movement of Indian ships through the Strait of Hormuz. Due to this, Iran has given permission to two LPG laden Indian flag ships Shivalik and Nanda Devi.
Of these two ships, Shivalik has docked at Mudra Port in Gujarat on Monday. At the same time, another ship Nanda Devi will dock at Kandla Port in Gujarat on Tuesday. This will boost the country’s LPG supply.
Apart from this, Indian flag ship ‘Jag Ladki’ has left for India from United Arab Emirates (UAE) carrying more than 80,000 tonnes of crude oil. It will reach India this week. This will increase the supply of crude oil in the country.
According to analysts, Asian economies, including India, remain particularly vulnerable due to their heavy dependence on crude oil imports from the Gulf region.
–IANS
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