While markets celebrated, the underlying crisis remains far from resolved. Indian Prime Minister Narendra Modi told parliament on Monday that the movement of ships through the Strait of Hormuz — through which a vast share of the world’s crude oil, natural gas, and fertilizers flows — has become “highly challenging” since the Middle East conflict began.
Modi said his government has invoked special measures to ensure that supplies of petrol, diesel, and gas are not “excessively disrupted” and that ordinary Indian families “face as little trouble as possible.” India, which imports a significant portion of its energy through the strait, is among the countries most exposed to any prolonged disruption.
