India, June 30 -- The Strait of Hormuz has been at the centre of tensions between the United States and Iran since the war began on February 28. Following strikes by the US and Israel, Tehran responded by effectively closing the strait, which carries nearly a fifth of the world's oil and a significant share of global liquefied natural gas (LNG).

Although the entire world was affected by the closure, the impact was felt most strongly in Asia, according to geopolitical consultancy The Asia Group. Around 80% of the oil and nearly 90% of the LNG passing through the waterway was typically destined for Asian markets, the group noted.

In its latest report, No Safe Harbor, it examined how India could respond if the crisis were to escalate into ...