Oil Crisis Warning: Iran Conflict Could Triple Petrol Prices, 1970s Repeat Feared

• Iran-Israel-US conflict raises Brent crude oil prices by 29%, surpassing $100/barrel, sparking fears of a 1970s-style oil crisis.
• Disruption in the Strait of Hormuz, a key global oil transport route, is intensifying fuel price hike concerns.
• The 1973 oil crisis saw prices surge 300% due to an Arab embargo against Israel's supporters, leading to severe economic impact.
• Iran's strategic location controlling the Strait of Hormuz makes it crucial for global oil supply, impacting exports from Saudi Arabia, Iraq, Kuwait, and UAE.
• Experts warn continued disruption could double or triple domestic fuel prices, similar to the 1973-74 period when Indian fuel prices rose significantly.