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According to Times Of India, Brent oil on Thursday jumped about 5 percent, the most since January, and is now trading near $ 65 a barrel. This comes after tensions ran high in the region after US President Donald Trump approved and then later called off military strikes against Tehran following shooting down of an American Navy drone over the strait by Iranian forces.
Times Of India added in its news that Indian Oil minister Dharmendra Pradhan discussed the situation with Saudi counterpart Khalid Al Falih,
"Expressed concern on the developments in the Strait of Hormuz leading to rising crude oil price."
About a quarter of the world's LNG and about one-fifth of the world's oil transits through the Iranian territorial waters at Strait of Hormuz, the narrow waterway.
"Discussed about Saudi interests in the energy sector in India to further bolster our bilateral ties. Also reviewed with Khalid al-Falih the progress of Saudi investments in India's refining & petrochemical sectors.
India is 83 per cent dependent on imports to meet its oil needs and is reliant on nations like the UAE to meet half of cooking gas (LPG) needs.
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