New Delhi, March 5 -- The intensifying tensions between the US and Iran have led to the closure of the Strait of Hormuz, through which nearly 20% of global oil and LNG flows, resulting in a sharp jump in crude oil prices, with Brent crude rallying to $85 per barrel from $73 per barrel since the war began.

The sharp rise in crude oil prices has rattled global equities, especially Asian markets, as concerns have grown that a prolonged shutdown of the Strait of Hormuz could have cascading effects on economies, as the region is heavily dependent on crude imports.

Crude is not just a fuel that supports the economy in running smoothly, but it is also a major raw material for many industries, which can affect their margins if they have to sour...