As tensions escalate in West Asia, the Iranian embassy has labeled Indians as its friends and assured them of safety in a viral tweet on the Strait of Hormuz.
The strait handles roughly 20% of global oil and a large share of India’s oil imports.
The Strait of Hormuz connects the oil-rich Persian Gulf to the rest of the world. About a fifth of global energy supplies normally pass through it. Before the conflict, more than 130 ships passed through each day. Now only 3-4 ships can get through per day.
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Viral Tweets
In viral tweets, the Iranian Embassy in India wrote, “ONLY Iran and Oman will decide the future of the Strait of Hormuz. You are in safe hands, no worries.”
They soon added another tweet to their post saying, “Our Indian friends are in safe hands, no worries.”
Iran has not completely closed the strait, but has effectively imposed a selective blockade. It has restricted access for the US, Israel and its allies while allowing ships from countries it deems “friendly”, including India, to sail.
Reports suggest Iran may introduce a system requiring ships to seek permission and possibly pay fees to pass through the strait.
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Defense Minister Rajnath Singh said earlier today that “there is no shortage of fuel or gas in the country” and that India is ready to deal with any energy crisis arising from the ongoing conflict in West Asia.
He said Indian Navy ships are safely escorting the country’s tankers through the Strait of Hormuz, a key hub for maritime trade and Iranian territory.
The defense minister praised Prime Minister Narendra Modi’s diplomatic skills in protecting India’s interests in the Persian Gulf region.
“We are closely monitoring the situation in West Asia and are ready to deal with any situation,” he said, adding that India would do everything to help its citizens living in the region.
Modi on Wednesday called for an “all-out effort” to protect Indian citizens from the effects of war in West Asia, stressing a timely and authentic public information system to prevent any misinformation or rumour-mongering.
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Oil jumped to $110 a barrel
US President Donald Trump used a prime-time speech to promise more aggressive action against Iran over the next two to three weeks and offered no concrete plans to reopen the Strait of Hormuz.
That sent S&P 500 futures down 1.2% after the benchmark hit a weekly high in the previous session. European and Asian shares also fell. Oil prices, which saw a record 60% jump in March, resumed their surge on Thursday, approaching $110.
Optimism had been building in the run-up to Trump’s speech after the president earlier said he predicted the US would end the war with Iran within two to three weeks before reversing his stance today.
Read also | Oil Prices Jump 5% After Donald Trump’s Speech, May Head to $120
OPEC ministers will meet on Sunday
OPEC ministers will meet on Sunday, but the scale of disruptions they have faced and the resulting output cuts by Gulf countries mean they have little room to manoeuvre.
The eight members – Saudi Arabia, Russia, Iraq, Oman, Algeria, Kazakhstan, Kuwait and the United Arab Emirates – had been gradually increasing production before the conflict erupted a month ago.
The International Energy Agency estimates that the war has already removed about 12 million barrels a day of oil production, about 12% of global consumption.
Saudi Arabia and the UAE have diverted some flows to ports outside the Strait of Hormuz, but Iraq and Kuwait are facing export restrictions.
