LPG and oil crisis LIVE: Sensex, Nifty drop nearly 1% as West Asia conflict, surging oil prices rattle stock markets Amid rising oil prices, the Trump administration has announced a temporary authorization for other countries to purchase Russian oil stranded at sea, as there were no immediate signs of an early end to the US war on Iran. Updated on March 13, 2026, the report highlights how tensions in West Asia and surging oil prices have triggered a sharp decline in India’s stock markets, with the Sensex and Nifty falling nearly 1%. Oil prices remained near $100 per barrel on March 13, exacerbating concerns as Iran’s leader called for the blocking of the Strait of Hormuz, a critical shipping route for global energy trade. The move has raised fears of further disruptions to oil supplies, prompting equity markets worldwide to react negatively. The situation has intensified after Iran’s forces reportedly fired upon a bulk oil carrier attempting to transit through the Strait of Hormuz, underscoring the escalating conflict in the region. India’s energy security has come under scrutiny as the country relies heavily on imports through the Strait of Hormuz. Union Minister Hardeep Singh Puri addressed Parliament on March 12, stating that India’s crude oil supply position has improved. He noted that while approximately 45% of India’s crude imports previously transited through the Hormuz route, non-Hormuz sourcing now accounts for about 70% of imports. Puri credited Prime Minister Narendra Modi’s diplomatic efforts for securing alternative supply routes, emphasizing that India sources crude from 40 countries, up from 27 in 2006 and 2007. However, the LPG crisis has sparked widespread protests and political criticism.#prime_minister_narendra_modi #trump_administration #west_asia_conflict #iran_leader #union_minister_hardeep_singh_puri
