The US-Israeli attacks on Iran have affected oil and gas supplies and the extent of price increase will depend on what the US and Israel do next — and how Iran responds.

International oil prices were at $71 a barrel on Monday, with Brent crude trading higher.

Some global insurers have said that their own re-insurers (the companies that insure the insurer) have cancelled war risk cover if the vessel is trading in or within Iran and Iranian waters (including 12 nautical miles offshore). Because of that, they have to cancel the same war risks cover under their policy.

India imports oil from the Gulf region and Qatar is a key supplier of gas to India. The last reference price of the India basket of crude oil was $71.17/bbl recorded on 27 February, up from $62 in December. The Indian basket represents sour grade (Oman and Dubai average) and sweet grade (Brent dated) crude oil processed in Indian refineries in the ratio of 78.71:21.29.

On a phone call with Israeli Prime Minister Benjamin Netanyahu, Prime Minister Narendra Modi said on Monday that he reiterated the need for an early cessation of hostilities. In an earlier post on social media, he had strongly condemned the attacks by Iran on the UAE and condoled the loss of lives in these attacks.

“I’m deeply concerned about the unfolding developments in Iran, including the killing of Iran’s Supreme Leader, Ayatollah Ali Khamenei,” said Jammu and Kashmir Chief Minister Omar Abdullah. “I appeal to all communities to remain calm, uphold peace... we must ensure that those who are mourning in Jammu and Kashmir are allowed to grieve peacefully.”