US action on Venezuela: Will petrol, diesel prices soar? India's oil future at risk.

• US launched a strong attack on Venezuela, targeting air bases and reportedly arresting Nicolas Maduro, escalating global tensions.
• India, heavily dependent on crude oil imports, previously sourced significant volumes from oil-rich Venezuela.
• US sanctions had reduced India-Venezuela oil trade, forcing India to diversify suppliers like Iraq, Saudi Arabia, and Russia.
• Experts predict global crude oil prices could jump $5-$10 per barrel if US action impacts Venezuela's oil supply.
• Higher crude prices would lead to increased petrol/diesel costs, inflation, and pressure on India's economy and common consumers.

Why It Matters: US action on Venezuela threatens global oil supply, potentially driving up crude prices and impacting India's economy.