Guwahati, May 11 -- Addressing a BJP rally in Hyderabad, the Prime Minister said the country must conserve foreign exchange reserves and reduce fuel consumption amid growing uncertainty in global energy markets. The prolonged conflict in West Asia has disrupted shipping through the Strait of Hormuz, one of the world's most important oil transit routes, leading to fears of long-term supply shortages.

Global crude oil prices have crossed $105 per barrel after US President Donald Trump reportedly rejected Iran's latest peace proposals. Iran had offered to transfer part of its enriched uranium stockpile to another country while refusing to dismantle its nuclear facilities , a key demand of the United States.

India, which imports over 88 per...