How Does Iran's Chokehold On Strait Of Hormuz Impact India?

In today's episode of India Global, Asian markets plunged while oil prices briefly hit five-month highs on Monday amid concerns of disruption to energy markets after the United States joined Israel in attacking Iran's nuclear facilities, escalating the Middle East crisis. Iran is the world's ninth-biggest oil-producing country, with an output of about 3.3 million barrels per day. Tehran exports almost half of that amount and keeps the rest for domestic consumption. And if Tehran decides to retaliate, observers say one of its options would be to seek to close the strategic Strait of Hormuz - which carries one-fifth of global oil output. Oil prices were up over 2 per cent, their highest since January. Brent was up a relatively restrained 2.7 per cent at $79.12 a barrel, while US crude rose 2.8 per cent to $75.98.Asian stocks were also lower as traders digested the weekend's events, as investors anxiously awaited Tehran's retaliation to US attacks on Iranian nuclear sites. Iran has threatened US bases in the Middle East as fears grow of an escalating conflict in the volatile region. NDTV'S Gaurie Dwivedi decodes how this might impact India.