Conflict involving the United States and Iran disrupted shipping through the Strait of Hormuz, a corridor carrying a large share of global oil exports.
U.S. gasoline prices climbed in early June as partial closure reduced available supply. Saudi Energy Minister Prince Abdulaziz bin Salman called for global energy stabilization.
Indian economists identified Hormuz disruption as the most consequential risk to energy import costs and inflation targets.
The U.S. State Department maintained Level 4 Do Not Travel advisories for Iran, Iraq, Lebanon, Syria, Gaza and Yemen amid regional instability.
Source materials stated that economists warn the duration of the Strait of Hormuz blockade from the Iran conflict is the most consequential variable for India’s energy import costs.
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Sources:
https://www.business-standard.com/economy