New Delhi: As tensions escalate between Israel and Iran, Union Petroleum and Natural Gas Minister Hardeep Singh Puri has assured that India’s energy supplies remain stable and adequate despite the global volatility in crude oil markets. His remarks come amid sharp spikes in oil prices and a noticeable downturn in global stock markets, driven by fears of broader disruption in Middle Eastern oil flows.
On Friday, Puri held a strategic review meeting with the Petroleum Secretary and the heads of India’s key public sector energy companies. In a post on social media platform X, he stated, “Held a periodic review with Secretary-@PetroleumMin and CMDs of India’s energy PSUs. We have adequate energy supplies for the coming months.” Puri added that India’s energy strategy continues to navigate the “trilemma” of availability, affordability, and sustainability under the leadership of Prime Minister Narendra Modi.
Global oil markets reacted strongly to Israel’s airstrikes on Iranian nuclear and military facilities. The price of benchmark U.S. crude oil surged by 7.3%, while global stock indices dipped significantly. The S&P 500 fell by 0.7% in early trading — marking its worst day in over two weeks. The Dow Jones dropped 423 points (1%), while the Nasdaq Composite lost 0.8%, reflecting investor anxiety over a possible prolonged conflict in a region critical to global energy supply.
Though India no longer imports significant volumes of crude oil directly from Iran due to U.S. sanctions, it remains heavily dependent on Middle Eastern nations for its energy needs. Over 80% of India’s crude oil is imported, with more than 40% of that coming from the broader West Asia region. Additionally, nearly half of India’s gas imports are sourced from the Middle East. Currently, Russia has emerged as India’s top crude supplier, but instability in West Asia still poses indirect risks to pricing and availability.
Meanwhile, the conflict continued to intensify. Israel carried out a second round of airstrikes on Iranian territory overnight, reportedly targeting not just military and nuclear infrastructure, but also residential buildings linked to top Iranian officials. In response, Iranian air defense systems were activated across several provinces, including Tehran. Iranian media reported heightened military activity around the capital’s high-security Pasteur Square — home to both the Supreme Leader’s residence and the presidential office.
The latest exchange follows Iran’s earlier retaliation, which included the launch of approximately 200 drones aimed at Israeli targets following the killing of several high-ranking Iranian military figures, including the Iranian Army Chief. With no signs of de-escalation, concerns are growing over a wider regional conflict that could destabilize energy markets, disrupt global trade, and deepen economic uncertainty.
