9 October, New Delhi (IANS): India has said that it will take a careful stance in regards to how the war will affect the energy industry in light of the escalating standoff between Israel and Palestine.
“India will respond to it maturely. The hub of the global energy industry is, in many ways, where the action is when it comes to the energy sector. We’ll keep a close eye on everything.
We’ll find a way to get through this. People are only encouraged to choose sustainable and cleaner fuels because of these types of uncertainties, Union Petroleum Minister Hardeep Puri said on the sidelines of an event on Monday.
Because of the unrest between Israel and Palestine over the weekend, crude oil futures prices increased 5% in early trading today. According to experts, if Iran enters the battle, it may disrupt the oil supply, leading to a rise in crude prices.
Iran backs Hamas, whose rocket strikes on Israel started the conflict.