It is now three weeks since ‘Operation Epic Fury’, the ongoing war between America, Israel and Iran. Due to this military conflict, the market and energy supply around the world has been adversely affected. Crude oil prices, after reaching $120 per barrel, now remain around $100. This situation has become very worrying for millions of Indians living in Gulf countries as clouds of crisis are looming over both their earnings and security.
What is the condition of crude oil prices and global market?
After the start of the war, a tremendous rise in oil prices was seen. The International Energy Agency (IEA) has decided to release 400 million barrels of crude oil to stabilize the market. Despite this, the supply chain is completely broken. Strait of Hormuzwhere more than 100 ships used to pass every day, now only a few ships are able to sail there. Most insurance companies have refused to provide war risk cover to ships in this area, bringing maritime trade to a standstill.
Main impacts on Indian diaspora and economy
There are about 91 lakh Indian expatriates living in the Gulf countries who send a huge amount of 50 billion dollars to India every year. Due to this war and regional instability, this income is now in direct danger. Considering the situation, the Government of India has started using emergency power to prevent the shortage of cooking fuel (LPG) in the country so that the general public does not have to face shortage.
Details Latest status (17 March 2026) Crude Oil $100 per barrel Strait of Hormuz Traffic 3 ships per day Number of Indian immigrants 9.1 million Foreign earnings affected $50 billion Number of US soldiers injured around 200
Latest war developments and security situation
In the last 24 hours, there was a drone attack on the US Embassy in Baghdad which was foiled. At the same time, the UAE Army has also confirmed to stop new Iranian missile and drone attacks. Retaliation continues under the leadership of Iran’s new Supreme Leader Mojtaba Khamenei. According to Amnesty International’s report, on February 28, many civilians were killed in an attack on a school in Minab, Iran, which is considered a violation of international law. US President Donald Trump has described this conflict as a small campaign while the situation on the ground remains very serious.
