US-Iran Stress: Rise in crude oil prices, Concerns about imports in the Middle East (#IranAttacks)



Crude oil prices have increased since Iran launched a missile attack on a US military base in Iraq.

In the Asian market, crude oil prices have risen 2.5 percent and reached 69 $ 94 per barrel.

"Does oil exports stop in the Middle East somewhere along with the price hike?" Has raised concerns. The price of gold has also increased.

But after the Iranian invasion, the international stock market has been negatively affected. Japan's Nikkei has dropped 2 percent. Hong Kong's Heng Sheng also declined 1 percent.

The global oil exports are expected to be halted due to globalization. This is the route of oil exports to Saudi Arabia, Iraq, the United Arab Emirates and Kuwait. Iran also exports a lot of oil through this route.

After the invasion of Iran, the US Aviation Regulator, the Federal Aviation Authority (FAA), has called for a passenger aircraft to be dropped from the Iraqi airspace.

Singapore Airlines has also suggested that all its aircraft be diverted via Iran's airspace.

The impact of this has been seen in India. India is importing oil from the US and Russia. But India imports most of its oil from the Middle East countries, of which Iraq is number one. Then comes Saudi Arabia, Oman and Kuwait.

India is also worried that oil imports will stop.

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