Why the Strait of Hormuz matters: How global oil supply could be hit and how vulnerable India is
New Delhi: Oil shipments through the crucial energy corridor of the Strait of Hormuz have dropped sharply amid the IsraelโIran conflict. The disruption at this key international waterway, through which nearly 20 per cent of the worldโs oil supply passes, has reportedly led to around 700 tankers being stranded on either side of the narrow strait. Shipowners are avoiding the volatile region, raising concerns over crude oil and liquefied petroleum gas (LPG) supplies for India and other major importers. According to reports, global oil flows through the strait have declined by nearly 86 per cent, with only a limited number…