New Delhi, March 2 -- India's crude oil refiners are scouting for new supply sources after Iran's historic announcement of the closure of Strait of Hormuz, three people aware of the development said. The Union petroleum ministry is consulting with the refiners, taking stock of oil stocks and exploring possible alternatives in Africa and South America, even as the global oil cartel Opec+ has decided to boost production.

The assassination of Iran's supreme leader Ali Khamenei on Saturday during joint strikes by the US and Israel and Iran's retaliatory attacks across the US military and air bases in the Gulf and civilian areas are expected to hit the global trade in oil. Freight rates are expected to soar, even as cargo vessels are stuck at...