Indian businesses brace for fallout as Middle East conflict escalates
CNA
With much of India’s oil and gas trade flowing through the Strait of Hormuz, any disruption there could quickly ripple across its economy, observers say.
SINGAPORE: Indian businesses are bracing for turbulence as the escalating conflict between the United States, Israel and Iran threatens to send shockwaves through one of India’s most vital economic corridors.The first tremors are already visible. Crude oil prices are climbing amid fears that fighting could disrupt shipping through the Strait of Hormuz, the narrow gateway between the Persian Gulf and the Gulf of Oman that carries a significant share of the world’s oil and gas.
For companies across sectors, from biscuits and confectionery to billion-dollar infrastructure projects, that waterway has suddenly become a pressure point.
India is the Gulf Cooperation Council’s second-largest trading partner after China, with bilateral trade worth US$158 billion in 2024 - about 10 per cent of the bloc’s total trade.
Energy-intensive and export-driven sectors such as textiles, leather, gems and jewellery, marine products and garments are particularly vulnerable to higher transport and input costs.
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