Iran Crisis: Prolonged War Threatens India's Economy; Oil Prices Soar, GDP Impact Feared

• Prolonged Iran conflict could push crude oil to $150/barrel, impacting global economy significantly.
• Every $10 rise in crude oil prices may reduce India's GDP by 0.5 percent, causing significant economic concern.
• Qatar's Energy Minister Saad Al-Kaabi warned Gulf producers might declare 'force majeure' if conflict continues.
• Closure of sea routes could lead to crude oil prices hitting $150 and natural gas soaring to $40/MMBtu.
• Increased insurance premiums, freight costs, and alternative shipping routes add a 'war premium' to oil prices, raising market uncertainty.