New Delhi, March 20 -- The ongoing West Asia crisis has not yet triggered a sharp market correction, but risks to energy-dependent economies like India could intensify if disruptions in the Strait of Hormuz persist, according to a Jefferies report.

The report notes that markets have remained relatively resilient despite escalating geopolitical tensions, highlighting that "markets have not corrected more given the historic newsflow in the Middle East."

A key reason for the relative calm is continued energy flows through the Strait of Hormuz, which is critical for Asia, including India. The report highlights that "85 per cent of energy traffic through the strait is for Asia with China, India and South Asia accounting for around 60 per cen...