Global oil markets are facing a severe shock as reports indicate that more than 500 million barrels of crude supply have been cut over the past 50 days amid the US–Iran conflict. The disruption linked to repeated instability in the Strait of Hormuz has tightened global supply, triggered price volatility, and raised fears of a prolonged energy crisis as shipping routes remain under threat and diplomatic tensions continue to escalate.

US-Iran War: Global Supply Cut by Over 500 Million Barrels in 50 Days

The Iran conflict is rapidly turning into a defining macroeconomic event. Oil prices are surging, inflation risks are resurfacing, and central banks that were preparing to cut rates are now being forced to rethink their strategy.


War Shock: Markets Brace for Tough Outcomes

The global oil market is on edge as Donald Trump proposes a potential blockade targeting Iranian oil flows through the Strait of Hormuz. The move could disrupt nearly 1.7 to 2 million barrels per day of Iranian exports, tightening an already constrained global supply.


Tanker Chaos Unfolds in Hormuz Corridor

What started as an energy shock is spiralling into the global food system. Fuel prices usually correct following diplomatic developments around Iran, but fertiliser markets continue to remain under stress.
The big question… are we heading toward the next food inflation cycle?

Fertiliser Spike Signals Incoming Food Inflation

The United Kingdom cut debt after the Napoleonic wars so it had the fiscal firepower to fight subsequent battles. But today’s superpower struggle between the United States and China, and the conflicts in Iran and Ukraine, are occurring when government borrowing across the world is already high.
Governments are spending more on defence and cutting their reliance on rivals in response to global threats. That is pushing ​up debt relative to GDP, limiting their ability to project power. Borrowing costs have also shot up. The yield on 10-year U.S. government bonds has almost trebled to 4.3% over the past five years.

The Invisible Tax: How War Raises Every Price

Global oil prices have slumped below $100 per barrel after Iran agreed to open the Strait of Hormuz as part of a ceasefire framework in the ongoing US-Iran war. The move eased fears of supply disruption through the key maritime chokepoint that carries nearly 20% of the world’s oil shipments, triggering a sharp market reaction.


US-Iran War: Oil Slumps Below $100 as Iran Agrees to Open Hormuz in Ceasefire

Will we get a ceasefire anytime soon? “No obvious answers” apply to markets and central banks. In the eyes of investors, rate hikes are coming.

It’s worth taking stock as the Iran war gets into the sixth week.

How the Rise in Energy Prices Compares to 2022

Fresh intelligence assessments indicate thatIran is maintaining firm control over the Strait of Hormuz, using it as a strategic pressure point in its ongoing standoff with the United States.

According to multiple sources, Tehran is unlikely to fully restore normal movement through the crucial maritime corridor anytime soon. Instead, it is carefully managing vessel traffic, allowing selective passage while restricting others to influence global oil supply and prices.

Iran Tightens Grip on Strait of Hormuz With Controlled Shipping Corridor

Iran shifts to 'forgotten' oil port amid war. Report says volume of oil stored at Jask port terminal increased.


Iran Shifts to 'Forgotten' Oil Port, Report: Volume of Oil Stored at Jask Port Terminal Increased

Iran is employing a calculated, calibrated strategy to tighten control over the Strait of Hormuz, using its Revolutionary Guard to disrupt commercial shipping and demand passage fees. This "toll gate" approach, combined with threats to block traffic, impacts 20% of global oil, driving up fuel prices and creating severe global energy disruption. 


Iran's Calculated Strategy: Hormuz Strait Tensions Spark Global Alarm 

The global energy market is under pressure as the strait of Hormuz remains effectively closed. Gasoline prices in the US have hit 4 dollars a gallon, oil prices are soaring, and stock markets are tumbling.

US-Iran War: Hormuz Crisis Shakes Global Energy Markets

G7 ministers, after an emergency meeting, issued a stern warning on Monday (March 30) against "unjustified export restrictions" on hydrocarbons, as the group moved to stabilise the global economy reeling from the ongoing war in West Asia. The bloc vowed to take "all necessary measures in close coordination with partners" to preserve the "stability and security of the energy market."&nbsp;In a rare joint communiqué involving finance ministers, energy ministers, and central bank chiefs, the group signalled its readiness to intervene further in energy markets to prevent a full-scale global recession.&nbsp;"We call on all countries to refrain from imposing unjustified export restrictions on hydrocarbons and related products," it said in a statement released after emergency talks.&nbsp;The Group of Seven (G7) is a powerful bloc of advanced Western economies, including the United States, the United Kingdom, France, Germany, Italy, Canada and Japan. The meeting was convened as Brent crude oil prices surged past $116 per barrel on Monday, marking one of the highest monthly gains in history.&nbsp;The energy crisis was triggered by Iran's effective closure of the Strait of Hormuz, a vital waterway through which nearly 20 per cent of global oil transits, in retaliation for a joint US-Israeli bombing campaign against the Islamic Republic on February 28.&nbsp;&nbsp;The campaign aimed at sparking regime change in Tehran through decapitation strikes against top Iranian leadership, killing key figures including Supreme Leader Ayatollah Ali Khamenei and other senior officials; however, it did not yield a favourable outcome.&nbsp;Also Read: <a href="https://www.wionews.com/world/zelensky-proposes-energy-ceasefire-with-russia-as-west-asia-conflict-fuels-oil-surge-1774877059630">Zelensky proposes energy ceasefire with Russia as West Asia conflict fuels oil surge</a>&nbsp;Oil and gas prices were further aggravated by Iran's strikes on energy facilities across Gulf nations, mostly US allies hosting its military bases, in response to US-Israeli attacks on its own energy facilities, including the key oil export hub at Kharg Island.&nbsp;However, President Trump on Monday claimed that the US is in serious discussions with the new Iranian regime to end military operations in the Islamic Republic. He also reiterated his warning to hit "electric generating plants, oil wells and Kharg Island" if the Strait of Hormuz does not "open for business".&nbsp;Beyond energy supply, the ministers addressed the threat of war-induced inflation, noting that "G7 central banks are strongly committed to maintaining price stability" and that monetary policy will remain strictly "data-dependent."&nbsp;The session concluded with a pledge to "continue to exchange information and coordinate closely" within the G7 and with international partners, as the members remain prepared to meet again at any time to respond to further developments in the ongoing conflict.&nbsp;Japan's Finance Minister Satsuki Katayama, after the meeting, said that G7 nations should be prepared to unlock more emergency oil supplies to help stabilise prices, even as the International Energy Agency’s 32-member countries announced they would release nearly 400 million barrels of emergency crude.&nbsp;&nbsp;(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

Beyond energy supply, the ministers addressed the threat of war-induced inflation, noting that "G7 central banks are strongly committed to maintaining price stability" and that monetary policy will remain strictly “data-dependent.”

G7 ministers, after an emergency meeting, issued a stern warning on Monday (March 30) against "unjustified export restrictions" on hydrocarbons, as the group moved to stabilise the global economy reeling from the ongoing war in West Asia. The bloc vowed to take "all necessary measures in close coordination with partners" to preserve the "stability and security of the energy market." In a rare joint communiqué involving finance ministers, energy ministers, and central bank chiefs, the group signalled its readiness to intervene further in energy markets to prevent a full-scale global recession. "We call on all countries to refrain from imposing unjustified export restrictions on hydrocarbons and related products," it said in a statement released after emergency talks. The Group of Seven (G7) is a powerful bloc of advanced Western economies, including the United States, the United Kingdom, France, Germany, Italy, Canada and Japan. The meeting was convened as Brent crude oil prices surged past $116 per barrel on Monday, marking one of the highest monthly gains in history. The energy crisis was triggered by Iran's effective closure of the Strait of Hormuz, a vital waterway through which nearly 20 per cent of global oil transits, in retaliation for a joint US-Israeli bombing campaign against the Islamic Republic on February 28. The campaign aimed at sparking regime change in Tehran through decapitation strikes against top Iranian leadership, killing key figures including Supreme Leader Ayatollah Ali Khamenei and other senior officials; however, it did not yield a favourable outcome. Also Read: Zelensky proposes energy ceasefire with Russia as West Asia conflict fuels oil surge Oil and gas prices were further aggravated by Iran's strikes on energy facilities across Gulf nations, mostly US allies hosting its military bases, in response to US-Israeli attacks on its own energy facilities, including the key oil export hub at Kharg Island. However, President Trump on Monday claimed that the US is in serious discussions with the new Iranian regime to end military operations in the Islamic Republic. He also reiterated his warning to hit "electric generating plants, oil wells and Kharg Island" if the Strait of Hormuz does not "open for business". Beyond energy supply, the ministers addressed the threat of war-induced inflation, noting that "G7 central banks are strongly committed to maintaining price stability" and that monetary policy will remain strictly "data-dependent." The session concluded with a pledge to "continue to exchange information and coordinate closely" within the G7 and with international partners, as the members remain prepared to meet again at any time to respond to further developments in the ongoing conflict. Japan's Finance Minister Satsuki Katayama, after the meeting, said that G7 nations should be prepared to unlock more emergency oil supplies to help stabilise prices, even as the International Energy Agency’s 32-member countries announced they would release nearly 400 million barrels of emergency crude. (Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

Beyond energy supply, the ministers addressed the threat of war-induced inflation, noting that "G7 central banks are strongly committed to maintaining price stability" and that monetary policy will remain strictly “data-dependent.”

G7 vows ‘all necessary steps’ to stabilise energy markets as crude oil surges to $116 amid escalating West Asia war

Amid the ongoing West Asia conflict, Iran is reportedly boosting its oil revenues as global crude prices surge - a striking development in the midst of war. With disruptions to global supplies and other Gulf producers cutting output, Tehran has continued exporting crude and capturing higher daily earnings.


US-Iran War: Iran Oil Revenues Nearly Double Amid Price Surge

US President Donald Trump has indicated that America could "take the oil in Iran" and seize the Kharg Island-- Tehran's main oil export hub-- as war in the Middle East continued into its fifth week. Talking to the Financial Times, the American commander-in-chief said his "preference would be to take the oil", comparing the US military operation in Iran with those in Venezuela earlier this year, where Washington gained control of the oil industry following the capture of the Latin American nation's leader, Nicolas Maduro.


Trump: US Forces Could Take Iran's Kharg Island Very Soon; Floats Seizing Iran Oil Exports

Amid global energy uncertainty in view of the West Asia crisis, the Union government has rolled out a 60-day emergency measure to reintroduce PDS kerosene, including in 21 “kerosene-free” States and Union Territories. Select petrol pumps in every district will be permitted to store and distribute limited quantities of superior kerosene oil (SKO) under the relaxed norms.


Energy Crisis: Indian Government Allows Kerosene Sale at Petrol Pumps

From tokyo to sydney, asian nations are feeling the heat as soaring oil prices and fuel shortages shake economies and households alike.
With the escalating west asia conflict disrupting crude supply, countries are racing against time to keep lights on, factories running, and fuel in the tank.
Governments are deploying coal, rationing fuel, freezing taxes, and seeking billions in emergency aid, to navigate one of the region’s toughest energy crises in years.
Take a look at this next report for more.


Asia on Energy Edge | West Asia Conflict Drives Oil Prices Up

Iran has likely earned hundreds of millions of dollars of extra income from oil sales since the start of the war, benefiting from a surge in the price of its crude after it became the only major exporter able to use the Strait of Hormuz.


Energy Crisis: Iran's Oil Production & Revenues Surge Amid Hormuz Blockade

Iran has effectively turned the Strait of Hormuz into a strategic lever by restricting, rather than fully blocking, maritime traffic, creating a severe global oil supply crunch. By utilizing kinetic strikes, mines, and selective passage (allowing 90 ships but restricting others), Iran is forcing higher prices and controlling regional energy flow, prompting panic buying in Asia. 


Iran War: Strait of Hormuz Disruption Sends Energy Markets into Chaos

In the midst of the ongoing US‑Iran war, **Donald Trump has sharply criticised NATO allies for not backing U.S. efforts to reopen the Strait of Hormuz, a key global oil transit route. Trump warned the alliance faces a “very bad future” if members refuse to support military action in the critical waterway, sparking debate over transatlantic unity and U.S. leadership.


Iran Claims Bushehr Nuclear Power Plant Struck For Third Time

In the midst of the ongoing US‑Iran war, **Donald Trump has sharply criticised NATO allies for not backing U.S. efforts to reopen the Strait of Hormuz, a key global oil transit route. Trump warned the alliance faces a “very bad future” if members refuse to support military action in the critical waterway, sparking debate over transatlantic unity and U.S. leadership. 


US-Iran War: Trump's Patience With NATO Runs Thin Amid Iran's Hormuz Chokehold

The Global Energy Market is Under Severe Stress. While US Officials Insist the Spike in Fuel Prices Will Be Temporary, Countries Across Asia and Europe Are Already Grappling With Shortages and Rising Costs.


Oil Shock Rocks Global Markets

Russian Deputy Prime Minister Alexander Novak on Friday instructed the energy ‌ministry ⁠to draft ⁠a resolution banning gasoline exports from April 1, the Russian government said.

The ⁠state-run TASS ‌news agency earlier ⁠reported that the ban would remain in place until July 31.

Russia Imposes Ban on Gasoline Exports For Producers

US President Donald Trump has postponed planned strikes on Iran’s energy infrastructure for 10 days, citing progress in negotiations. The delay comes amid escalating conflict, global oil concerns, and mixed signals from both sides. Talks continue, but uncertainty remains over whether diplomacy or military action will prevail.


US-Iran War: Trump Haults Strikes on Iran's Power Plants; Maintains Talks With Iran Ongoing

Iran Turns Hormuz Into Strategic Lever With Control, Oil Supply Crunch Deepens

The Iran conflict has triggered one of the biggest oil supply disruptions in history, sending shockwaves across the global economy. From long queues at fuel stations to emergency measures by governments, the crisis is spreading rapidly across continents. With the Strait of Hormuz disrupted—handling nearly 20% of global oil supply markets are volatile, prices are rising, and economies are under pressure.


Oil Crisis Goes Global | Fuel Shortages, Panic Buying & Price Surge Explained

The Iran war is no longer just an energy story it’s now triggering a global food crisis. With fertiliser supply chains disrupted through the Strait of Hormuz, prices are surging and farmers worldwide are being forced to cut usage, threatening crop yields and food security. Experts warn that millions could be impacted as rising energy and fertilizer costs push food prices higher across the globe.


From Oil War to Food Crisis | How Iran Conflict Is Driving Global Hunger Risks

The Iran war has sent oil prices soaring, but at one gas station in California, it was selling for only 59 cents a gallon. This happened for a few hours late at night Friday and into early Saturday morning because of a glitch. The owners of the station in the Central Valley believe someone hacked into the system and reduced the prices, leading them to incur huge losses. The problem at the C’s Oasis Mobil station in Fresno has been fixed. The Exxon Corporation initiated an inquiry into the matter, and the exact reason is not known yet. The New York Post shared receipts of those who bought gas at the station. One of them paid just $8.97 for 15 gallons, while another spent merely $3.49 for 6 gallons. However, both receipts at the top showed the price per gallon as $5.95, but the final calculation was not based on this amount. Instead, they paid at the rate of 59 cents a gallon.<h2>Iran war and oil crisis</h2>Fuel prices have dramatically escalated globally ever since America attacked Iran on February 28. International oil prices surpassed $100 per barrel, and even touched near $120 as Iran shut the Strait of Hormuz. After Donald Trump announced a pause on the strikes, they saw a fall. &nbsp;Gas in California costs a lot more than in other American states. According to the American Automobile Association, on Tuesday, the prices stood at $5.822 a gallon. Before the war started, the average cost per gallon in the state was $4.642, while Americans typically pay an average of $2.982 per gallon in other states. This is because of the "California premium" under which higher-than-average state excise and sales taxes are charged. Hefty fees for climate programs are also included, something that doesn't happen in any other state. Californians also use a special and expensive variety of oil to prevent smog.Also Read: <a href="https://www.wionews.com/world/iran-military-slams-trump-over-peace-plan-dismisses-negotiation-claims-what-s-happening-1774418769619">Iran military slams Trump over peace plan, dismisses negotiation claims</a>&nbsp;https://www.wionews.com/videos/us-iran-war-report-us-promises-support-for-iran-s-civilian-nuclear-energy-1774433699182/embed&nbsp;Trump proposed a 15-point ceasefire proposal on Tuesday, which has led to a further fall in oil prices. The New York Times, quoting unnamed officials, reported that the plan was sent through Pakistan. Earlier, Trump claimed that he was negotiating with a top Iranian official. The president has reportedly proposed a one-month ceasefire. Brent Crude was trading at $98.28 on Wednesday, while WTI Crude stood at $87.68. Iran has also put forward a list of conditions to end the conflict.&nbsp;

Californians paid only 59 cents a gallon for gas on Friday night at a time when the world is shelling out huge amounts to fill their tanks. Exxon Corporation has initiated an inquiry into the matter that caused major losses to the owners. 

The Iran war has sent oil prices soaring, but at one gas station in California, it was selling for only 59 cents a gallon. This happened for a few hours late at night Friday and into early Saturday morning because of a glitch. The owners of the station in the Central Valley believe someone hacked into the system and reduced the prices, leading them to incur huge losses. The problem at the C’s Oasis Mobil station in Fresno has been fixed. The Exxon Corporation initiated an inquiry into the matter, and the exact reason is not known yet. The New York Post shared receipts of those who bought gas at the station. One of them paid just $8.97 for 15 gallons, while another spent merely $3.49 for 6 gallons. However, both receipts at the top showed the price per gallon as $5.95, but the final calculation was not based on this amount. Instead, they paid at the rate of 59 cents a gallon. Iran war and oil crisis Fuel prices have dramatically escalated globally ever since America attacked Iran on February 28. International oil prices surpassed $100 per barrel, and even touched near $120 as Iran shut the Strait of Hormuz. After Donald Trump announced a pause on the strikes, they saw a fall. Gas in California costs a lot more than in other American states. According to the American Automobile Association, on Tuesday, the prices stood at $5.822 a gallon. Before the war started, the average cost per gallon in the state was $4.642, while Americans typically pay an average of $2.982 per gallon in other states. This is because of the "California premium" under which higher-than-average state excise and sales taxes are charged. Hefty fees for climate programs are also included, something that doesn't happen in any other state. Californians also use a special and expensive variety of oil to prevent smog. Also Read: Iran military slams Trump over peace plan, dismisses negotiation claims https://www.wionews.com/videos/us-iran-war-report-us-promises-support-for-iran-s-civilian-nuclear-energy-1774433699182/embed Trump proposed a 15-point ceasefire proposal on Tuesday, which has led to a further fall in oil prices. The New York Times, quoting unnamed officials, reported that the plan was sent through Pakistan. Earlier, Trump claimed that he was negotiating with a top Iranian official. The president has reportedly proposed a one-month ceasefire. Brent Crude was trading at $98.28 on Wednesday, while WTI Crude stood at $87.68. Iran has also put forward a list of conditions to end the conflict.

Californians paid only 59 cents a gallon for gas on Friday night at a time when the world is shelling out huge amounts to fill their tanks. Exxon Corporation has initiated an inquiry into the matter that caused major losses to the owners.&nbsp;

Glitch causes California gas station to sell a gallon of fuel for just 59 cents during global oil crisis

Oil prices have skyrocketed amid the Iran war and the alleged blockade of the Strait of Hormuz. Taking cognisance of the dire situation, the International Energy Agency (IEA) released an emergency energy playbook, which hasn't kicked in yet, but could if things do not improve. Recommendations include remote work, reducing air travel, and moving to public transportation, among seven other things that countries could implement. While the world is waiting for things to improve in the Middle East, the guidebook has become a cause of panic among commoners. Iran shut down the Strait of Hormuz, which created an oil crisis and pushed up fuel prices. Even though Tehran has now claimed that the Strait is open for "non-hostile" operators, the backlog created by the blockade could create prolonged shortages.&nbsp;IEA's guidelines have been made keeping this in mind. The list includes moving to remote work wherever possible to cut down on travel, stressing that three work-from-home days per week could reduce national oil consumption from passenger vehicles by two to six per cent. Travel is the main focus here, so the other guideline asks to reduce flights and air travel to ease the burden on global supplies. IEA also calls to reduce highway speed limits, claiming that reducing speed limits on highways by six miles per hour could lower fuel consumption for each person by five to ten per cent.Also Read: <a href="https://www.wionews.com/world/iran-claims-us-israel-targeted-bushehr-nuclear-power-plant-iaea-urges-maximum-restraint-1774384216290">Iran claims US, Israel targeted Bushehr nuclear power plant; IAEA urges ‘maximum restraint’</a>&nbsp;It urges people to halt the use of private cars and shift to public transportation. People have been encouraged to move to carpooling and adopt fuel-efficient driving practices. Maintaining proper tyre pressure, cutting down on air conditioning use and avoiding aggressive acceleration can also help save fuel. &nbsp;Governments have also been advised to divert fuel from vehicles and preserve it for essential usage.Also Read: <a href="https://www.wionews.com/world/trump-sends-15-point-plan-peace-plan-tehran-opens-hormuz-for-non-hostile-oil-vessels-no-nuclear-weapon-to-end-of-sanctions-1774403435419">Trump sends 15-point plan peace plan; Tehran opens Hormuz for 'non-hostile' oil vessels</a><h2>Delhi's odd-even scheme for private vehicles</h2>One of the guidelines mirrors what the Delhi government in India adopted a few years ago to fight pollution. It calls for allowing vehicles on roads on alternating days based on license plates. This was a solution that the former Arvind Kejriwal government came up with to cut down on the smog that shrouds the Indian capital every winter. The odd-even scheme permitted a vehicle with an even-numbered license plate on certain days, and those with odd numbers on others.&nbsp;https://www.wionews.com/videos/us-iran-secret-talks-hold-balance-between-horrific-war-nervous-peace-1774373411422/embed<h2>Angry netizens compare the suggestions to the lockdown</h2>The IEA stated that the guidelines are meant to help countries stretch fuel supplies and prevent complete deprivation in homes. However, the 10 measures have left netizens infuriated, who are comparing the restrictions to the COVID-19 lockdown. "We're not doing this again," a user wrote. Another took a shot at America for striking Iran, saying, "What about giving up attacking a sovereign country for not submitting to the Epstein Gang's greedy ambitions? Why not solve the supply problem fundamentally, instead of asking ordinary people -who have no responsibility for this crisis- for bulls**t austerity rules to cut demand?"

The oil crisis caused by the Iran war has prompted the IEA to issue 10 guidelines that countries could follow to save fuel. One of them is pretty similar to India's odd-even scheme. Meanwhile, netizens are not happy and think it is just the same as the COVID-19 lockdowns. 

Oil prices have skyrocketed amid the Iran war and the alleged blockade of the Strait of Hormuz. Taking cognisance of the dire situation, the International Energy Agency (IEA) released an emergency energy playbook, which hasn't kicked in yet, but could if things do not improve. Recommendations include remote work, reducing air travel, and moving to public transportation, among seven other things that countries could implement. While the world is waiting for things to improve in the Middle East, the guidebook has become a cause of panic among commoners. Iran shut down the Strait of Hormuz, which created an oil crisis and pushed up fuel prices. Even though Tehran has now claimed that the Strait is open for "non-hostile" operators, the backlog created by the blockade could create prolonged shortages. IEA's guidelines have been made keeping this in mind. The list includes moving to remote work wherever possible to cut down on travel, stressing that three work-from-home days per week could reduce national oil consumption from passenger vehicles by two to six per cent. Travel is the main focus here, so the other guideline asks to reduce flights and air travel to ease the burden on global supplies. IEA also calls to reduce highway speed limits, claiming that reducing speed limits on highways by six miles per hour could lower fuel consumption for each person by five to ten per cent. Also Read: Iran claims US, Israel targeted Bushehr nuclear power plant; IAEA urges ‘maximum restraint’ It urges people to halt the use of private cars and shift to public transportation. People have been encouraged to move to carpooling and adopt fuel-efficient driving practices. Maintaining proper tyre pressure, cutting down on air conditioning use and avoiding aggressive acceleration can also help save fuel. Governments have also been advised to divert fuel from vehicles and preserve it for essential usage. Also Read: Trump sends 15-point plan peace plan; Tehran opens Hormuz for 'non-hostile' oil vessels Delhi's odd-even scheme for private vehicles One of the guidelines mirrors what the Delhi government in India adopted a few years ago to fight pollution. It calls for allowing vehicles on roads on alternating days based on license plates. This was a solution that the former Arvind Kejriwal government came up with to cut down on the smog that shrouds the Indian capital every winter. The odd-even scheme permitted a vehicle with an even-numbered license plate on certain days, and those with odd numbers on others. https://www.wionews.com/videos/us-iran-secret-talks-hold-balance-between-horrific-war-nervous-peace-1774373411422/embed Angry netizens compare the suggestions to the lockdown The IEA stated that the guidelines are meant to help countries stretch fuel supplies and prevent complete deprivation in homes. However, the 10 measures have left netizens infuriated, who are comparing the restrictions to the COVID-19 lockdown. "We're not doing this again," a user wrote. Another took a shot at America for striking Iran, saying, "What about giving up attacking a sovereign country for not submitting to the Epstein Gang's greedy ambitions? Why not solve the supply problem fundamentally, instead of asking ordinary people -who have no responsibility for this crisis- for bulls**t austerity rules to cut demand?"

The oil crisis caused by the Iran war has prompted the IEA to issue 10 guidelines that countries could follow to save fuel. One of them is pretty similar to India's odd-even scheme. Meanwhile, netizens are not happy and think it is just the same as the COVID-19 lockdowns.&nbsp;

Iran War: India's odd-even scheme to fight pollution part of IEA's playbook to save fuel amid oil crisis

Prime Minister Narendra Modi, at the budget session of the Parliament, addressing the escalating conflict in West Asia, assured that India has adequate crude oil supply and storage arrangements. The war in West Asia has reached its fourth week, creating a major disruption in the global energy market. India, which is dependent on the Middle East for roughly 40 per cent of the country’s oil imports and 60 per cent of its gas are also gradually facing the squeeze.&nbsp;“West Asian war has impacted us all. I want to express the government's stance on this war in front of the House and the people of India. This war has been going on for over 3 weeks. It has created a serious fuel issue in the world. The situation in India is worrying too. This has impacted our ways of business,” said Prime Minister Narendra Modi.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/rahul-gandhi-modi-foreign-policy-iran-crisis-india-1774348116061">'A universal joke': Rahul Gandhi attacks Narendra Modi over foreign policy amid Iran war</a><h2>How much oil does India have?</h2>Prime Minister Narendra Modi asserted that there is no energy security crisis in India. He said that the supply of petrol and diesel remains smooth across the country. He suggested that India has more than 5.3 million metric tonnes of strategic petroleum reserves, and is also working on arranging an additional 6.5 million metric tonnes of storage.&nbsp;"Along with that, India's refining capacity has also been increased in the past 10 years. I want to assure the country that India has enough crude oil storage and non-stop supply arrangements,” said Modi. He also claimed that the Union Government is constantly in contact with suppliers from different countries, and the effort is to ensure that oil and gas supplies continue from the sources wherever possible.Junior Petroleum Minister Suresh Gopi told Parliament on Monday, citing data released by the Indian Strategic Petroleum Reserve Ltd, India has 3.372 million tons of Strategic Petroleum Reserve (SPR), which is two-thirds of its maximum capacity. These number is excluding the total refined petroleum products like petrol and diesel. According to various estimates, India needs 5.5 million barrels of crude oil daily. According to Gopi, the SPR can last for 74 days. Further, India holds 4.98 billion barrels of proven oil reserves, 0.28 per cent of global oil reserves and an Indian production capacity that meets only 15-18 per cent of total Indian demand.&nbsp;"Govt has constituted 7 empowered groups to evolve strategies on fuel, supply chains, fertilisers, among others," said PM Modi. He further assured that, irrespective of the crisis, maintaining growth is their responsibility.&nbsp;&nbsp;<h2>&nbsp;</h2>&nbsp;&nbsp;

PM Narendra Modi assures India has sufficient crude oil reserves and a stable fuel supply despite disruptions caused by the ongoing West Asia conflict.

Prime Minister Narendra Modi, at the budget session of the Parliament, addressing the escalating conflict in West Asia, assured that India has adequate crude oil supply and storage arrangements. The war in West Asia has reached its fourth week, creating a major disruption in the global energy market. India, which is dependent on the Middle East for roughly 40 per cent of the country’s oil imports and 60 per cent of its gas are also gradually facing the squeeze. “West Asian war has impacted us all. I want to express the government's stance on this war in front of the House and the people of India. This war has been going on for over 3 weeks. It has created a serious fuel issue in the world. The situation in India is worrying too. This has impacted our ways of business,” said Prime Minister Narendra Modi. Also Read: 'A universal joke': Rahul Gandhi attacks Narendra Modi over foreign policy amid Iran war How much oil does India have? Prime Minister Narendra Modi asserted that there is no energy security crisis in India. He said that the supply of petrol and diesel remains smooth across the country. He suggested that India has more than 5.3 million metric tonnes of strategic petroleum reserves, and is also working on arranging an additional 6.5 million metric tonnes of storage. "Along with that, India's refining capacity has also been increased in the past 10 years. I want to assure the country that India has enough crude oil storage and non-stop supply arrangements,” said Modi. He also claimed that the Union Government is constantly in contact with suppliers from different countries, and the effort is to ensure that oil and gas supplies continue from the sources wherever possible. Junior Petroleum Minister Suresh Gopi told Parliament on Monday, citing data released by the Indian Strategic Petroleum Reserve Ltd, India has 3.372 million tons of Strategic Petroleum Reserve (SPR), which is two-thirds of its maximum capacity. These number is excluding the total refined petroleum products like petrol and diesel. According to various estimates, India needs 5.5 million barrels of crude oil daily. According to Gopi, the SPR can last for 74 days. Further, India holds 4.98 billion barrels of proven oil reserves, 0.28 per cent of global oil reserves and an Indian production capacity that meets only 15-18 per cent of total Indian demand. "Govt has constituted 7 empowered groups to evolve strategies on fuel, supply chains, fertilisers, among others," said PM Modi. He further assured that, irrespective of the crisis, maintaining growth is their responsibility.

PM Narendra Modi assures India has sufficient crude oil reserves and stable fuel supply despite disruptions caused by the ongoing West Asia conflict.

Narendra Modi says India has enough crude oil reserves- How much oil does India have?

Pakistan has canceled its Republic Day parade due to an escalating oil crisis and energy shortages. Authorities cite fuel constraints and rising costs as key reasons. The decision underscores the impact of the global energy crunch on national events, public celebrations, and state-level planning across the country.

Pakistan Cancels Republic Day Parade Amid Worsening Oil Crisis and Energy Shortages

The global oil crisis is deepening as supply chain disruptions hit energy markets worldwide. Rising uncertainty, logistical challenges, and production issues are driving volatility.

West Asia War: Oil Crisis Deepens as Supply Chain Disruptions Shake Global Energy Markets 

oil-crisis

Oil Crisis, News on Oil Crisis, stories on Oil Crisis, articles on Oil Crisis, Oil Crisis stories at Wion, Oil Crisis news, Oil Crisis latest news

oil crisis