Israel-US War on Iran Threatens $50bn in Indian Remittances

The ongoing US-Israeli war with Iran has led to a global energy crisis, with the Strait of Hormuz closed, causing oil prices to soar. India, heavily dependent on Gulf oil for energy and remittances, is feeling the effects. Panic buying of cooking gas has begun, and the government is urging calm. Iran’s retaliatory attacks have caused oil prices to spike, reaching almost $120 a barrel. Indian expats in the Gulf are also at risk of losing jobs and safety amid escalating tensions. India may need to evacuate its nine million citizens if the conflict worsens.

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