India, June 25 -- The American Israeli attack on Iran resulted in the disruption of about one fifth of global oil and gas supplies as Iran was able to close the Strait of Hormuz and sustain the closure. The price of crude oil which was $ 65 a barrel before the attack rose and stayed well over $ 90 a barrel, with the prognosis for the global economy becoming bleaker by the day. Finally, good sense and realism have prevailed. The US and Iran have signed a detailed Memorandum of Understanding for a peace deal which would result in the opening of the Strait of Hormuz. The whole world has heaved a sigh of relief. Supplies may, however, take some time to return to normal levels. Gas from Qatar may take longer due to the extensive damage to thei...