Oil and gas shipments to India disrupted after attacks in the Gulf

Attacks on ships in the Gulf region, including an oil terminal in the UAE, have disrupted energy shipments. This caused oil prices to rise above $100 a barrel and raised concerns about liquefied natural gas and fertilizer supplies for India.

In response, India has increased its purchases of Russian crude oil under a temporary U.S. waiver. The International Energy Agency also announced it would release 400 million barrels of oil to combat the price spike. Indian officials are in talks with Iran to secure safe passage for tankers through the Strait of Hormuz.