The ongoing war in the Middle East has now entered its second week. When America and Israel attacked Iran on February 28 and eliminated its Supreme Leader Ayatollah Ali Khamenei, the war seemed to be a matter of two-four days. However, this did not happen and Mossad, the world’s fastest intelligence agency, and the Israeli army got involved in the siege of Iran. On the other hand, Iran is also not ready to bow down. US President Donald Trump is also continuously shouting about Iran’s surrender.
Oil prices also caught fire
Trump is sometimes saying that Iran is apologizing to other Muslim countries of the Gulf and sometimes he is saying that America will again strongly attack Tehran. A day earlier, Trump said that any agreement with Iran will happen only if it surrenders unconditionally. This war is directly impacting oil. The entire world’s oil trade takes place through the Strait of Hormuz. 50 percent of India’s oil comes through this route. The effect of this was that the price of oil came down from $70 per barrel to $93. If the price of oil increases by 1 dollar, the price of petrol increases by 55 paise.
India’s reply to US regarding Russian oil purchase
Trump says he doesn’t care if oil prices rise. The US Finance Minister said that due to the Iran war, India can buy crude oil from Russia for 30 days. The Indian Government’s reply has also come out on this. The Center has said that New Delhi does not need to take permission from any country for such purchases. The government said, ‘India has never been dependent on the permission of any country to buy Russian oil. India will continue to import Russian oil even in February 2026 and Russia will remain India’s largest crude oil supplier.
Rise in domestic LPG prices
On Saturday, the price of domestic cooking gas (LPG) increased by Rs 60 and the price of commercial cylinder increased by Rs 114.5 amid the rise in global energy prices due to the ongoing conflict in West Asia. According to the website of Indian Oil Corporation (IOC), now a 14.2 kg cylinder of non-subsidized LPG will be available in Delhi for Rs 913, whereas earlier its price was Rs 853. This is the second major increase in price in less than a year.
