Israel and US attacks on Iran and Tehran’s retaliatory action have heated up the atmosphere not only in the Middle East. It has affected the whole world. India is also no different from this. In this era of globalization, all countries are connected to each other. Therefore, any good or bad action in one country impacts others. In this connection, the war with Iran has increased the prices of many things in India, which will impact your pocket.
Rise in gold and silver prices
In this war-like environment, the prices of gold and silver have increased. On March 1, 2026, gold had reached a record level of ₹ 1.73 lakh per 10 grams in the domestic market. Silver prices had also reached close to ₹2.90 lakh per kg. However, prices have softened slightly in the last four sessions.
Impact on ceramic industry
The war has also affected the country’s ceramic industry. The situation is such that due to interruption in gas supply due to war-like situation in Gulf countries, the ceramic industry in Morbi, Gujarat is on the verge of closure in the next few days. The ceramic industry requires large amounts of propane or natural gas for everything from firing kilns to drying clay. Meanwhile, the war has intensified following the death of Iran’s Supreme Leader Ayatollah Ali Khamenei last Saturday and continuous US attacks. Amidst this turmoil, Iran has closed the Strait of Hormuz, disrupting gas supplies.
edible oil prices
Due to the war with Iran, the prices of edible oil have also increased. India does not import edible oil from Iran, but it imports 60 percent of its edible oil requirement from other countries, such as palm oil from Indonesia and Malaysia, soybean oil from Argentina and Brazil, and sunflower oil from Russia and Ukraine. The question arises: Why are oil prices rising because of the fighting in Iran?
In fact, due to Iran-Israel tension, crude oil prices have increased, which has increased the use of palm and soy oil to make biofuel. This reduces the supply of cooking oil, which increases prices. Additionally, in war-like situations, increased instability in shipping and commodity markets slows international trade, leading to stock shortages.
Sudhakar Desai, chairman of the Indian Vegetable Oil Producers Association, says, “Any tension between the US and Iran has a direct impact on the Indian crude oil and cooking oil markets. Rising crude oil prices increase the prices of petrol, diesel and other fossil fuels, thereby increasing logistics costs. Additionally, it can increase the insurance risk for ships.” It is worth noting that since March 5, many marine insurance companies have stopped providing war risk coverage for this area, making passage through this area not only expensive but also risky.
Dry fruits become expensive
In this war-like environment, the supply of dry fruits like pistachios, saffron, figs and apricots from Iran and Afghanistan is on the verge of stopping, due to which their prices are increasing.
Increase in prices of pulses and onions
India imports pigeon pea, black gram and lentils from countries like Myanmar, Canada and Australia. But, due to the Strait of Hormuz, ships and containers stranded in West Asia have to cover longer distances. Due to this, shipping companies have imposed ‘war risk surcharge’, due to which the cost of bringing pulses to India has increased. India is also a big importer of onion. The demand for onion has suddenly increased due to the rush to accumulate stocks in the war situation. Onion prices have also increased due to fear of disruption in the supply chain.
