Oil prices may hit $180 amid Iran conflict, warns The Wall Street Journal report

India’s imports of oil have seen a major change. In February, Iraq surpassed Russia to become the largest supplier of oil to India. However, experts predict that Russia could regain its position in March. Russia’s imports of oil dropped by 32 percent in February, to 1 million barrels a day.

Iraq’s imports of oil increased to 1.18 million barrels a day. At the same time, Saudi Arabia’s imports of oil increased to 998,000 barrels a day. During this period, imports from the Middle East made up 59 percent of India’s total imports of oil. In February, Brazil was ranked as the fourth-largest oil supplier to India. With tensions in the world, India is importing oil from a variety of countries to meet its needs. Russia's role appears to be strengthening again.

Supply has been affected due to tensions in West Asia and the disruption in the Strait of Hormuz. Following this, India has resumed purchasing more oil from Russia. Russian oil imports are expected to increase to 1.8 million to 2.2 million barrels per day in March. The US decision also played a significant role in this. On March 6, the US relaxed some restrictions on Russian oil for India, contributing to the increase in imports. Experts say that Russia remains important in India's oil import strategy due to its low prices and stable supply.

Saudi Arabian officials estimate that if the Iran war and the resulting energy crisis continue until the end of April, crude oil prices could rise above $180 per barrel. This information was revealed in a report by The Wall Street Journal. According to reports, the war is affecting oil supplies. Escalating tensions in the Middle East, in particular, have increased uncertainty in the global market. Saudi Arabia's projections highlight growing concerns in Riyadh.

Oil prices fell more than one percent on Friday as the United States took steps to address the oil supply crisis. Major European countries, Japan, and Canada offered to join efforts to ensure the safe passage of ships through the Strait of Hormuz. Following this, Brent crude futures for May fell $1.58, or 1.45 percent, to $107.07 per barrel.

The conflict involving Iran, Israel, and the United States has already disrupted key energy infrastructure in the Gulf region. If the conflict in West Asia continues for a prolonged period, crude oil prices could surge significantly, leading to higher prices for petrol and diesel. Experts believe that if the situation does not improve soon, the impact will not be limited to the oil market, but will also impact inflation and economic growth.