(Iran-Israel War) The situation has become increasingly tense as the Iran-Israel conflict escalates with US airstrikes. On Sunday morning, the US attacked Iran's nuclear facilities in Fordow, Isfahan and Natanz. After this, Iran fired missiles at Israel in retaliation and threatened to close the vital international waterway of the Strait of Hormuz to trade.
The Iranian parliament has given immediate approval to the proposal, and the final decision now lies with the Supreme National Security Council. The gulf is a very important route for transporting crude oil and gas from countries like Saudi Arabia, Iran, Kuwait, Iraq, Qatar, Bahrain and the United Arab Emirates. Nearly 20 percent of the world's crude oil trade is done through this route. Most of the fuel coming to India also travels through this gulf. Therefore, if this route is closed, India's fuel security could be severely affected.
The decision to close the Gulf to trade could have a serious impact not only on fuel supplies but also on global markets. There is a possibility of rising oil prices and a wave of inflation. This situation could be a concern for oil-importing countries like India.
Meanwhile, Iran's Atomic Energy Organization has acknowledged the US attack, but has made it clear that its nuclear program will not stop. The United Nations Atomic Energy Agency also denies finding evidence of radiation. In this tense backdrop of war, the possibility of a blockade of the Strait of Hormuz is becoming more frightening, and international leaders have called for a reduction in tensions through talks. But at present, it is clear that the possibility of a reduction in tensions is low.