Iran's Oil Weapon: Strait of Hormuz Threatens Global Economy, Crude Prices Soar

• US-Iran tension shifts from military confrontation to oil supply, posing a major threat to the global economy.
• Energy expert Narendra Taneja states Iran uses oil and the Strait of Hormuz as a weapon, unable to directly confront US or Israel.
• Disruption in the Strait of Hormuz could push crude oil prices to $150-$200 per barrel, removing 10-12 million barrels from supply.
• India faces severe economic pressure from expensive oil, impacting petrol, diesel, LPG, and LNG due to high import reliance.
• Continued conflict will escalate difficulties for several major economies, including India, if not resolved soon.