An oil tanker has been set ablaze in the Hormuz Strait. The closure of the waterway, which carries 20% of the world’s oil supply, has resulted in a sharp oil price hike. The Islamic Revolutionary Guard Corps Navy had also carried out exercises in the Hormuz Strait to demonstrate its capacity to block the strategic waterway. A one-dollar increase in crude oil price can result in an increase of India’s annual crude import bill by Rs 14,000 crore. If the world has to avoid the third oil price shock, there is a need for an urgent ceasefire followed by a return to the negotiating table.

Source: The Telegraph March 06, 2026 02:07 UTC