Oil prices have jumped as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf ripple through the global energy supply chain.

With the Strait of Hormuz closure impacting 54% of India's LNG and crude imports, the government is exploring new supply routes.

Oil prices soared over 7% amid escalating Israel–Iran conflict and fears of Strait of Hormuz disruption. Analysts warn of rising inflation risks and pressure on India’s economy.

The escalating conflict between the US, Israel, and Iran threatens to disrupt India's oil, trade, and energy security due to increased geopolitical uncertainty.

Oil prices surge 13% after Iran strikes shut down Strait of Hormuz traffic. Exxon Mobil and Chevron stocks rise on expectations of higher crude prices.

The shares of upstream oil companies ONGC, Oil India rose as much as 5% in trade on Monday, March 2 after crude oil prices surged as much as 12% after attacks in the Middle East region were escalated by Iran-Israel.

The rise in crude oil prices poses significant risks for India's economy and its oil marketing companies, particularly as OMC stocks decline amidst escalating Middle East tensions. A spike in Brent crude prices could lead to retail fuel price increases,

The high prices came as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain.

Oil futures will begin trading later on Sunday. Saudi Aramco shares were climbing as trading resumed in Saudi Arabia, possibly hinting that crude is headed for a surge.