The immediate fallout is expected to be reflected in oil prices. "For now, we think the closure of the Strait of Hormuz will not be very long." Another official said the world has enough crude oil supplies and India can tap sellers as far as Venezuela and Brazil besides Africa. While near-term supplies are secured, a prolonged closure of the Strait of Hormuz may leave India with not enough alternatives. This is because, unlike crude oil, most LNG volumes are locked in long-term contracts, and only limited volumes are available in the spot or current market, another official said.

Source: The Telegraph March 01, 2026 08:11 UTC