International media reports say that India is looking for alternative transportation routes for crude oil imports.
What you should know
The price of crude oil has increased by 9 percent in the international market. After the US and Israel jointly attacked Iran, Brent crude futures rose by 13 percent to $82.37 per barrel on Monday, as shipping through the 'Strait of Hormuz' was halted. Which is the highest since 2025 . According to Nepal Oil Corporation, Brent crude oil is currently being traded at $72.48 per barrel in the international market .
Not only the price of crude oil, but also the price of gold, silver and gas in the international market has increased . Gold is being traded at $5,230.50 per ounce .
'Strait of Hormuz' is a waterway between Iran and Oman . It connects the Gulf with the Arabian Sea . Tankers carrying 20 percent of the world's total oil consumption in a day also use this route, carrying cargo from producers including Saudi Arabia, Iraq, Iran, the UAE, Kuwait, Qatar and others.
The US-Israeli war against Iran, a member of OPEC Plus (the Group of Oil Exporting Countries and its allies), and Tehran's retaliation have disrupted oil transportation in the Middle East.
The OPEC Plus meeting on Sunday discussed options to increase crude oil production from 137,000 barrels to 548,000 barrels per day. After the discussion, it was agreed to increase oil production by 26,000 barrels per day from April. Due to seasonal weakness, production increases have been suspended from January to March 2026.
More than 200 tankers carrying crude oil and liquefied natural gas are stuck in the open Gulf waters outside the Strait of Hormuz. Asian economies have begun discussions on fuel stocks and alternative supplies. South Korea has said it will provide supplies to local industries from domestic stocks if supplies are cut off for a long time. India is also exploring alternative shipping routes.
