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Brent crude prices have surged sharply by more than 60 per cent since the beginning of the US-Iran-Israel conflict, rising to around USD 112 per barrel on Monday from approximately USD 70 per barrel prior to the conflict, reflecting severe disruptions in global energy supply.
In just the last 30 days, crude prices have increased by around 56 per cent, highlighting the intensity of the ongoing supply shock. The sharp rise in oil prices comes as the conflict in West Asia has disrupted key supply routes, particularly through the Strait of Hormuz, one of the most important global channels for crude trade. The crisis has also impacted global liquefied natural gas (LNG) flows. The situation has been further aggravated by attacks on energy infrastructure in Qatar. Iranian strikes have damaged key facilities, affecting around 17 per cent of Qatar's LNG export capacity. This poses a significant risk for India, which imports about 47 per cent of its gas requirements from Qatar. According to a report by Systematix Research, India's crude oil imports have seen a sharp decline in early March due to disruptions in the region. The report stated, "India's import volume also nosedived to just 1.9mn bbls at week ended 6th Mar vs 25mn bbls per week in Feb'26 and 35mn bbls per week in Mar'26." It attributed the decline to weakening crude supply from the Middle East amid ongoing tensions. "Drop is largely attributed to lower volume from Middle East," the report said. The report further highlighted that key suppliers such as Saudi Arabia, Iraq and the UAE have witnessed significant declines in export volumes. "Saudi Arabia dropped to 26mn bbls and 12 mn bbls in the 1st and 2nd week of March vs avg of 42 and 33 mn bbls per week in Feb'26," it added. The continued disruption in supply chains, coupled with damage to critical energy infrastructure, has intensified concerns over energy availability and pricing, particularly for import-dependent countries like India. (ANI)
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