Chennai, March 4 -- The closure of the Strait of Hormuz by Iran's Islamic Revolutionary Guard Corps (IRGC) and the warning that any ship or vessel passing through the strait would be attacked has serious implications for India, according to credit rating agency CARE Ratings in a report.
According to CARE Ratings, about 40 percent of India's crude oil imports transit through the Strait of Hormuz, its full closure even for a limited duration of a few weeks could materially disrupt supply and potentially push Brent crude prices into the range of USD 100-110 per barrel. Such a scenario could also lead to shortages in LNG and LPG supplies to India.
Brent crude prices have already exhibited upward momentum, touching a new 52-week high on March ...