Global oil prices surged above $115 per barrel amid the Iran–Israel conflict, raising fears of supply disruptions, inflation pressures, and a potential global energy crisis.

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•  Global crude oil prices crossed $115 per barrel as the Iran–Israel conflict intensified, raising fears of supply disruptions and volatility across international energy markets.
•  Brent crude and West Texas Intermediate recorded sharp increases after military strikes escalated tensions across West Asia, pushing prices nearly 23–25 percent higher.
• Concerns are centered on the Strait of Hormuz, a vital maritime route through which nearly twenty percent of global oil supply passes daily.
• Threats to tanker movement and attacks on energy infrastructure have slowed exports from key producers including Iraq, Kuwait, and the United Arab Emirates.
• Rising fuel costs have unsettled financial markets worldwide and increased fears that higher energy prices could accelerate inflation and slow economic growth.
• Governments across Asia and other regions are preparing emergency measures, including fuel price controls, strategic reserve releases, and energy demand management.
• India has directed oil refineries to maximise LPG production and prioritise domestic supply to prevent shortages amid disruptions in West Asian energy trade.
• Experts say long-term energy security will depend on diversification of supply sources, improved efficiency, and expansion of strategic petroleum reserves.