Israel-Hamas War Will Impact Oil Prices, Economy: Industry Body Official To NDTV

Brent prices have gone up, the official said, adding, "The war will impact oil prices, and supply chains, especially if Iran, a major oil producer, gets involved."

The Israel-Hamas war is a reason for concern and will impact oil prices if the Middle East and Iran get involved, said PHD Chamber of Commerce & Industry's (PHDCCI) Executive Director Ranjeet Mehta.

Brent prices have gone up, Mr Mehta said, adding, "The war will impact oil prices, and supply chains, especially if Iran, a major oil producer, gets involved. It will impact over global economy and India."

"The war is definitely a reason for concern. Israel is one of our very good trading partners. If Iran and the Middle East get involved in the war, it will affect our oil supply chains. It will also impact the import of diamonds and other items from Israel. We also saw its impact on the stock markets today," he added, flagging an imminent "atmosphere of uncertainty".