India, Feb. 28 -- The Iran attacks by Israel and the United States, and Tehran's counter-offensive, threatens to put India's exports and oil imports into a disarray. The sense is that of a deja vu-a repeat of the logistical nightmares that stifled trade during the height of the Red Sea crisis.

On Saturday, industry bodies warned that the flare-up-which saw Iran target US military installations in Qatar, Kuwait, and the United Arab Emirates following joint US-Israeli strikes-could see freight and insurance premiums skyrocket. For a country that relies on the Suez Canal corridor for the lion's share of its trade with the West, the timing is precarious.

The immediate concern for New Delhi is the viability of the Bab-el-Mandeb Strait, a nar...