India's Resilience Amid Middle East Oil Supply Shock Threats

India's Oil Minister Hardeep Singh Puri stated that India is prepared to handle any oil supply shocks arising from Middle East conflicts. With oil prices rising to USD 79 per barrel due to tensions between Israel and Iran, Puri reassured that global oil availability remains sufficient to mitigate potential disruptions.

India is ready to manage potential oil supply disruptions that could stem from escalating tensions in the Middle East, announced Oil Minister Hardeep Singh Puri on Tuesday. Although international oil prices have spiked to nearly USD 79 per barrel, Puri emphasized that sufficient global oil supplies exist to counter any shortages.

The market has seen a volatile shift in oil prices from USD 70 to USD 79 per barrel following concerns over possible Israeli retaliation against Iran's recent missile attack. While heavily reliant on imports for crude needs, India's situation is deemed manageable, according to Puri.

Puri's remarks at the FT's Energy Transition Summit India highlighted confidence in navigating global oil markets. Despite speculations of a widened Israel-Iran conflict affecting the Strait of Hormuz—a critical oil passage—alternative suppliers are positioned to fill potential gaps in oil supply.

(With inputs from agencies.)