India, March 5 -- Oil and gas markets have been thrown into turmoil as escalating military exchanges between the United States (US) and Israel on one side and Iran on the other threaten critical energy infrastructure across West Asia and disrupt shipping through the Strait of Hormuz.

Since the conflict intensified on February 28, attacks on energy facilities, shipping disruptions and insurance withdrawals have pushed global oil prices sharply higher and raised fears of a broader supply shock.

Brent crude climbed above $83-$84 a barrel on March 5, its highest level since mid-2024, while West Texas Intermediate (WTI) rose to around $77 a barrel, marking a fifth consecutive day of gains. Prices have risen roughly 10-13 per cent since the e...