India faces unexpected hardships as crude oil prices rise sharply – and essential commodities prices rise – as War between the US, Israel and Iran escalate
RAJA PENTAPATI
AP.BUREAU CHIE
MARCH 31 BHARAT NEWS
(Five-Star Rating News service by Google)
Amravati: Asian markets opened with heavy losses in the wake of the US-Israeli and Iran war. US President Donald Trump’s comments on Iran are increasing uncertainty in the market.
Crude oil prices are on fire. After Trump’s comments, the price of a barrel of crude has crossed the $ 115 mark. Experts warn that if the situation continues like this, it is likely to increase to $ 200 soon.
If that happens, a global recession is certain. India will be severely affected.
The tensions in West Asia are now shaking the economies of the world. Due to the war that has been going on for the past month, crude oil prices have taken wings in the international market.
The recent surge in Brent crude oil prices above $115 per barrel has investors worried. Analysts believe that this is just the beginning and that if things continue like this, prices will reach unprecedented levels.
As a result, crude oil prices are likely to reach $200. This will bring a severe economic recession and major challenges to the world.
The situation has become more complicated as Yemen’s Houthi rebels have also launched attacks on Israel. On the other hand, news that the US is deploying its troops in Iran is preventing the fall in oil prices. Prices have increased by more than 50% in March. “If there is a disruption in supply, prices are sure to go towards $200 per barrel,” he analyzed.
This is a big blow for countries like India, which is heavily dependent on oil imports. If prices increase, inflation will increase, burdening the common man.
Overall, if crude oil prices increase, it seems certain that the prices of petrol and diesel as well as essential commodities will skyrocket. Plastic, fertilizers and transportation costs will increase, and the prices of milk and vegetables will also skyrocket. That is, the impact of the bombs falling in West Asia is going to fall directly on your kitchen.
Swarna Andhra Pradesh
