On Wednesday, the world woke up with news of Iran broke a missile attack against two airbases in Iraq housing US and coalition forces.
This war began when US troops killed Iran military Commander Qasem Soleimani. After which Iran has vowed to take revenge from the USA.
As the missile attack was launched the prices of oil have sharply climbed of about 4.53 per cent, making it $65.54 barrel before settling down quietly.
This war could disrupt shipping in the world’s busiest sea route of oil.
Even though India stopped importing crude oil from Iran after the US ultimatum, still West Asia oil suppliers like Kuwait, UAE, Iraq, and Saudi Arabia are the largest exporters of oil in India.
War will not only damage India’s oil supply line but also raise the associated costs.
With this war continuing like this, most parts of the world would be suffering from oil shortage which will hamper the global cost of the crude resulting in a hike in prices of everything.