Explained: Will oil price increase if Israel-Hamas war intensifies?
Oct 09 2023, 02:26 PM ISTThe Israel-Hamas conflict raises concerns about India's oil supply. Escalation to involve OPEC nations, especially Saudi Arabia, could lead to a severe crisis, with higher oil prices, a depreciating rupee, and inflation. However, if the conflict remains localized, India's impact may be limited, with trade ties to Israel less significant. Recent oil price surges due to the conflict could lead to petrol and diesel price increases in India, affecting the economy's stability.