New Delhi, March 9 -- The Iran conflict could raise additional challenges for some emerging market sovereigns, including India, as far as energy imports, remittances, fiscal subsidies, exchange rates and access to international finance are concerned, said Fitch Ratings.

Hydrocarbon exporters could see positive effects amid the West Asia conflict.

Any effective closure of the Strait of Hormuz lasts less than a month, and major damage to the region's oil production infrastructure is avoided, risks to emerging market ratings should be contained, but a longer closure or more sustained effects could lead to a more substantial impact, the rating agency said in a statement Monday.

Oil and gas imports are the most direct channel for contagion ...