New Delhi, June 5 -- The restoration of trade patterns to pre-West Asia conflict levels might take time till late-2026, even if shipping through the Strait of Hormuz normalises by June, the Union finance ministry told the parliamentary standing committee on finance on Thursday. The ministry said that 70% of the country's current crude imports come from outside the gulf region, signalling its diverse options.

"Even if shipping flows through the Strait of Hormuz begin to normalise in late May or June, the restoration of pre-conflict production and trade patterns may extend well into late 2026 or early 2027. Thus, elevated energy prices, supply-chain pressures and financial market volatility are likely to remain in the global economic lands...