New Delhi [India]: Oil markets were jolted by Iran's military actions against Israel over the weekend. The Strait of Hormuz, a chokepoint for global oil transit, has become a focal point as concerns grow over potential disruptions to oil supplies. About 20 million barrels of crude oil and condensate per day pass through the Strait of Hormuz, accounting for about one-fifth. Is equal. In global consumption, any disruption in this key sea route reverberates around the world, with approximately 70 percent of this volume destined for Asia, making the region particularly sensitive to any disruption, India, as one of the world's largest oil importers, remains particularly vulnerable. Disruptions in the oil supply chain Market expert Ajay Bagga highlighted India's dependence on imported oil, which accounts for more than 80 per cent of its annual requirements, with any disruption or rise in crude oil prices impacting India's balance of payments (BOP). Can have adverse effects. Fuel inflation, and economic growth prospects diminishing: “India is dependent on imported oil for more than 80 per cent of its annual requirements,” Bagga said.Any disruption or increase in crude oil prices will have a negative impact on India's balance of payments, increasing inflation, reducing economic growth. He remains a threat to India. Shares of Indian oil marketing companies including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) fell 1.9 per cent, 2.1 per cent and 1.8 per cent respectively on Monday. Reflecting concerns over potential supply disruptions and impact on the country's economy, VK Vijayakumar, chief investment strategist at Geojit Financial Services, expressed cautious optimism about the Iran-Israel conflict, suggesting the situation could stabilise, should tensions ease. Indications have been given. However, he cautioned investors to remain cautious due to the inherent uncertainty in such tense situations. Vijayakumar said, "Indications from the crude market indicate that the Iran-Israel conflict is unlikely to escalate.President Biden has clearly indicated that he does not support Israeli retaliation. Hence, the situation may calm down however investors have to be cautious as the element of uncertainty is high during such a stressful situation. Jatin Trivedi, VP Research Analyst at LKP Securities, emphasized the current neutrality in crude oil prices and attributed the lack of significant reaction to the absence of signs of supply disruption from Iran. He estimated a fall in crude oil prices, indicating possible selling pressure in MCX near 7125. Trivedi said, “Crude prices are trading weak below 85USD in WTI as the war tensions between Iran and Israel have looked neutral so far after the weekend tensions which kept the prices higher last week.There is no major reaction in crude at the moment." There is a fear of war in the Middle East as there is no supply disruption from Iran. In MC, crude oil range is seen as low as Rs 6900, while selling is seen near Rs 7125. Crude oil prices have been volatile on the New York Mercantile Exchange as tensions over Iran's military actions against Israel have kept traders on edge. Concerns have been expressed over potential disruptions in the U.S., with ICICI Direct saying, "NYMEX crude oil is expected to trade higher as tensions escalate amid mid-morning trade." East. Iran's recent attack on Israel poses a major threat to supplies from Middle East countries. Meanwhile, the focus will shift to Israel's retaliatory action which could increase tensions in the region and disrupt oil supplies from the region With crude prices reacting to geopolitical developments in the region, the Multi Commodity Exchange (MCX) crude oil market is going through an uncertain scenario, says ICICI Direct. “Meanwhile, the strong dollar and Fed "Long interest rates are expected to remain high." This will limit any major upside in oil prices.As long as MC crude trades above the 7000 level, it will remain vulnerable as global attention remains focused on the Middle East. The reaction of Israel and the United States will shape the direction of oil markets in the coming days, analysts said as tensions rise. It has warned of the possibility of oil prices surpassing the US$100 level, underscoring the fragility of the global oil supply chain amid geopolitical instability. Oil prices fell on Monday in response to Iran's military actions, although Brent futures for June delivery fell 0.5 percent to US$89.95 a barrel after hitting near a six-month high last week, while West Texas Intermediate (WTI) futures for May delivery were down 0.6 per cent, closing at US$85.14 per barrel.