India Included in Iran's 'Friendly Nations' List for Strait of Hormuz Access Amid Oil, Gas Shortage Fears
Iran has included India in its list of 'friendly nations' allowed to pass through the Strait of Hormuz, a critical waterway for global oil and gas trade. The move comes amid a significant decline in shipping through the strait, which has led to a surge in global energy prices and fears of oil and gas shortages.
Iran's Foreign Minister Abbas Araghchi announced that ships from 'friendly nations' like China, Russia, India, Iraq, and Pakistan can pass through the Strait of Hormuz. The strait is a key route for about one-fifth of the world's oil and liquefied natural gas. Iran has assured safe passage for vessels that comply with its safety and security regulations. Despite this, shipping through the strait has fallen dramatically, with only five vessels tracked on Monday. The disruption has led to a surge in global energy prices, with some analysts predicting oil could rise to $150 or $200 a barrel if the waterway remains closed. India's state-owned oil companies have allayed fears of a shortage, stating that there is no shortage of petrol, diesel, or LPG in the country.
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