America has given a big statement amid increasing tension in the Gulf countries and continuous attacks in the Strait of Hormuz. US Ambassador to India Sergio Gor has said that India is a very important partner to keep oil prices stable in the world. There has been a huge rise in the prices of crude oil due to the attacks on commercial ships by Iran. Along with this, the situation has become serious regarding the safety of about 1 crore Indians living in Gulf countries and the sailors working there.
What effect did Iran’s attacks have on oil prices?
Iran is continuously trying to block the Strait of Hormuz. The US Ambassador strongly condemned these attacks and said that Iran’s attitude is a threat to the entire region. These conditions are affecting the oil market around the world.
The price of India’s crude basket has increased from $69 in February to $98 per barrel in March, a jump of 42%. In the market, Brent Crude has reached $100.52 and WTI Crude has reached $95.66 per barrel. To meet the supply shortage, America has given a special exemption of 30 days to Indian refineries. With this exemption, India will be able to buy Russian oil present in the sea.
Government steps for the safety of Indian sailors
This tension is directly affecting the Indian immigrants and the people working there. There are currently 778 Indian sailors on 28 commercial ships in the Persian Gulf. The US Ambassador also said that recently some Indians have lost their lives in missile and drone attacks by Iran.
India’s shipping ministry has launched a 24-hour control room to monitor the safety of Indian ships. On March 12, the first ship named Shenlong Suezmax reached Mumbai port safely carrying crude oil from Saudi Arabia. India is now diverting 70% of its oil imports from the Hormuz route and importing it through other safe routes so that there is no hindrance.