Crude oil price, March 18 -- As the conflict between the US-Israel alliance and Iran escalates from targeted strikes to a broader confrontation in the Gulf, fears of a major disruption to global oil supplies have also risen. For the first time since the 2008 financial crisis, '$200 oil' has shifted from fringe speculation to boardroom conversations from New York to New Delhi.

In the US-Iran war, the worry centres on the Strait of Hormuz, a narrow passage handling almost a fifth of global oil shipments. Any extended disruption could spark a severe supply shock and push prices sharply higher. For India, one of the world's top oil importers, the risks are particularly acute.

A sharp surge in crude oil prices to $200 per barrel could have f...