Crude Oil Price Surge: Brent Jumps 60% to $112 in 30 Days Amid US-Iran-Israel Conflict; India Imports Crash, LNG Supply Hit

Brent crude prices have climbed by over 60% since the onset of the US-Iran-Israel conflict, rising from nearly $70 per barrel to around $112 on Monday, indicating major disruptions in global energy supply.

Over the past 30 days alone, crude prices have surged by approximately 56%, underscoring the severity of the ongoing supply shock. 

The sharp rise in oil prices comes as the conflict in West Asia has disrupted key supply routes, particularly through the Strait of Hormuz, one of the most important global channels for crude trade.

LNG Supply Hit, India Faces Risk Amid Heavy LNG Dependence

The crisis has also impacted global liquefied natural gas (LNG) flows. The situation has been further aggravated by attacks on energy infrastructure in Qatar. Iranian strikes have damaged key facilities, affecting around 17 per cent of Qatar’s LNG export capacity.

This poses a significant risk for India, which imports about 47 per cent of its gas requirements from Qatar.

India Imports Crash, Middle East Supply Weakens Sharply

According to a report by Systematix Research, India’s crude oil imports saw a sharp decline in early March due to disruptions in the region.

The report stated, “India’s import volume also nosedived to just 1.9mn bbls at week ended 6th Mar vs 25mn bbls per week in Feb’26 and 35mn bbls per week in Mar’26.”

It attributed the decline to weakening crude supply from the Middle East amid ongoing tensions. “Drop is largely attributed to lower volume from the Middle East,” the report said.

Saudi, Iraq, UAE Exports Decline, Energy Supply Concerns Deepen

The report further highlighted that key suppliers such as Saudi Arabia, Iraq and the UAE have witnessed significant declines in export volumes.

“Saudi Arabia dropped to 26mn bbls and 12 mn bbls in the 1st and 2nd week of March vs avg of 42 and 33 mn bbls per week in Feb’26,” it added.

The continued disruption in supply chains, coupled with damage to critical energy infrastructure, has intensified concerns over energy availability and pricing, particularly for import-dependent countries like India.

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