Israel-Hamas war: India is closely watching crude price rise, says Oil Minister

Oil price surge: Union minister of Petroleum and Natural Gas Hardeep Singh Puri has said that India is closely watching the crude price rise situation and will handle the issue carefully while adding that $100 per barrel crude oil prices was unsustainable. He further noted that the rise in crude prices amid the geo political tensions due to the Israel-Hamas war will lead to a quicker energy transition.

India's stance

Talking about India's stance on crude oil price rise due to the war, Puri mentioned that India will handle the issue very carefully.

"We will watch very carefully and as we go along, we will navigate our way through this issue," he said.

Energy Transition drive

Speaking on the sidelines of Energy Technology Meet on October 9, Puri said, "Biofuels will immune the world from the uncertainties which have unfolded in the recent days."

He further added that global turbulence drive energy transition encouraging people to use sustainable, cleaner fuels.

Also Read: Israel-Hamas war pushes oil and gold prices up: Impact on India

Crude oil prices spiked over 4.5% to $87 per barrel on October 9 as a result of escalating geopolitical tensions in the Middle East. Oil prices fell last week over demand concerns. However, now the prices have again witnessed a significant reversal after an attack by Hamas on Israel intensifing concerns over escalating geopolitical tensions in the Middle East.