04 January, 2020
5 Min Read
Syllabus subtopic: Effect of policies and politics of developed and developing countries on India's interests, Indian diaspora.
Prelims and Mains focus: escalating US-Iran tensions and its impact on India’s economy
News: Investors in India were rattled on Friday after a US airstrike killed a top Iranian general, sending crude oil prices soaring, a development that could further strain the finances of the world’s third largest crude importer and deepen an economic slowdown.
Crude oil futures in London and New York surged by more than 4% to levels not seen since the attacks on Saudi Arabia’s oil production facility in September. The strike near Baghdad airport killed Qasem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force, according to a US defence department statement.
Escalating tensions between US and Iran
While no oil installations or production were hit, the killing of one of Iran’s most powerful generals is a provocation that ratchets up tension between Washington and Tehran, heightening fears of an armed confrontation that could pull in other countries. As focus shifts to how Iran will react, the country’s supreme leader, Ayatollah Ali Khamenei, vowed “severe retaliation” awaits the killers of Soleimani.
Impact on India’s economy
Significance of Strait of Hormuz
Bounded to the north by Iran and to the south by Oman and the United Arab Emirates (UAE), the Strait of Hormuz connects the Gulf with the Arabian Sea.
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