Blitz Bureau
NEW DELHI: Brent crude prices have surged sharply by more than 60 per cent since the beginning of the US-Iran-Israel conflict, rising to around $112 per barrel on March 23 from $70 per barrel prior to the conflict, reflecting severe disruptions in global energy supply.
Crude prices have increased by around 56 per cent in the last 30 days, highlighting the intensity of the ongoing supply shock.The sharp rise in oil prices comes as the conflict in West Asia has disrupted key supply routes, particularly through the Strait of Hormuz, one of the most important global channels for crude trade.
The crisis has also impacted global liquefied natural gas (LNG) flows. The situation has been further aggravated by attacks on energy infrastructure in Qatar. Iranian strikes have damaged key facilities, affecting around 17 per cent of Qatar’s LNG export capacity. This poses a significant risk for India, which imports about 47 per cent of its gas requirements from Qatar.
According to a report by Systematix Research, India’s crude oil imports have seen a sharp decline in early March due to disruptions in the region. The report stated, “India’s import volume also nosedived to just 1.9mn bbls at week ended 6th Mar vs 25mn bbls per week in Feb’26 and 35mn bbls per week in Mar’26.”
It attributed the decline to weakening crude supply from the Middle East amid ongoing tensions. “Drop is largely attributed to lower volume from Middle East,” the report said. The report further highlighted that key suppliers such as Saudi Arabia, Iraq and the UAE have witnessed significant declines in export volumes.
