Iran War Oil Dominate Brics

The ongoing conflict in Iran disrupts Gulf shipping routes, particularly the Strait of Hormuz, a critical chokepoint for global oil and gas flows. This directly affects energy-importing nations like India, which relies on the strait for about half of its crude imports. The channel is supply_shortage and logistics, leading to higher oil and gas prices, increased freight and insurance costs, and potential margin compression for refiners and importers. India's pivot to alternative suppliers (e.g., Russia) may shift trade flows but does not eliminate the global supply risk. Impact is region-specific (Middle East, South Asia) but has global price implications.