New Delhi, April 27 -- Two months into the West Asia war, a conflict that triggered the world's greatest energy crisis, second- and third-order effects are surfacing everywhere, from falling fertilizer output and shortage of Coke cans to rising condom prices. This is a grim reminder of how deeply economic activity is tethered to crude oil and its derivatives.

Beyond its role as a fuel source, crude oil serves as a vital feedstock for manufacturing over 6,000 products. Industries as diverse as healthcare (medical-grade polymers), agriculture (nitrogen-based fertilizers), and technology (circuit board resins) are entirely dependent on petroleum derivatives. It is no surprise that India's fertilizer production declined 24.6% year-on-year in...