How can the Middle East conflict impact you?
Iran threatens ‘most ferocious’ offensive after the killing of Ayatollah Ali Khamenei.
It has also blocked the Strait of Hormuz, a critical maritime trade route.
Iranian drones are targeting several countries with US military bases in the region.
An oil facility in Saudi was hit. Airports in Dubai, UAE also hit by debris.
Civilian lives have been lost in Iran as well as in other Gulf countries.
US and Israel launched the strikes on Iran alleging its progress on nuclear weapons development.
What's in it for me?
- •The escalation has led to oil price volatility. Oil prices are already up 13%.
- •India imports nearly 90% of the crude oil it uses for petrol and diesel. Fuel prices may rise if conflict continues.
- •Nearly 50% of India’s oil imports transit the Strait of Hormuz. About 100% of LPG also comes from the route.
- •Higher fuel costs could also lead to inflation of other goods which are imported or whose components are imported.
- •Airspace closures and suspended flights across the Gulf may disrupt international travel, and could lead to higher fares for passengers.
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