New Delhi: India currently has crude oil and refined fuel reserves sufficient for approximately 25 days, according to government sources. Officials have clarified that there is no immediate plan to raise petrol and diesel prices despite rising global crude rates.

The development comes as international oil prices increased for the third consecutive session on Tuesday, driven by concerns over potential supply disruptions in the Middle East — one of the world's most critical oil-producing regions.

Government officials stated that India is also exploring alternative sourcing options for crude oil, LPG, and LNG amid escalating tensions in the Gulf region.

Strait of Hormuz ‘Closed’, Says Iran’s IRGC

Islamic Revolutionary Guard Corps (IRGC) announced on Monday that the Strait of Hormuz has been “closed” to shipping traffic. According to Iranian state media, the IRGC warned that any vessel attempting to pass through the strategic waterway would face retaliation.

The statement marks a significant escalation in the ongoing conflict involving Iran, Israel, and the United States.

Air Strikes and Escalating Regional Tensions

The United States and Israel expanded air operations against Iran on Monday. Israel also reportedly conducted strikes in Lebanon. In response, Iran targeted energy infrastructure in Gulf countries and attacked tankers moving through the Strait of Hormuz.

As a result, shipping activity through the narrow channel has become increasingly risky. Several oil tankers and container vessels are reportedly avoiding the route. Insurance providers have withdrawn coverage for ships operating in the area, further disrupting maritime trade.

Oil Prices Climb Sharply

Brent crude was trading at $79.44 per barrel at 0400 GMT, up $1.70 or 2.2%. On Monday, it surged to $82.37 — its highest level since January 2025 — before easing but still closing 6.7% higher.

West Texas Intermediate (WTI) crude rose $1.17, or 1.6%, to $72.40 per barrel. During the previous session, it touched its highest level since June 2025 and ultimately ended 6.3% higher.

Shipping costs for oil and gas have also increased significantly as companies assess growing geopolitical risks.

India Monitoring Developments

With oil reserves sufficient for nearly 25 days, India currently has some buffer against immediate supply shocks. However, officials are closely monitoring the situation and actively evaluating alternative import sources to secure crude oil, LPG, and LNG supplies.

Authorities have reiterated that there is no immediate proposal to increase domestic fuel prices.