India is preparing to source crude oil from outside the Persian Gulf and cut its own refined-product exports should the Strait of Hormuz be blocked to ship traffic, Oil Minister Hardeep Puri said Thursday.

As the conflict between Israel and Iran intensifies, speculation is rising about whether the Iranians will close the Strait of Hormuz, which is critical to the world’s oil production. Two ocean tankers crashed into each other and burst into flames near the strait early Tuesday morning amid reports of electronic interference caused by Israel and

As tensions escalate in the Strait of Hormuz following the Iran-Israel conflict, credit rating agency ICRA has warned that any sustained disruption in oil and gas supplies through the chokepoint could significantly strain India's economy — pushing up oil imports, widening the current account deficit (CAD), and delaying private sector investment.