New Delhi: The United States and Israel’s joint attack on Iran on February 28 has pushed the region into grave violence and led to Iran closing the vital trade point of Strait of Hormuz, the narrow mouth of the Persian Gulf.Iran will fire on any ship trying to pass, Iranian media has reported.Attacks throughout the West Asian region, including on two vessels traveling through the Strait of Hormuz have restricted countries’ ability to export oil to the rest of the world. Prolonged attacks would likely result in higher prices for crude oil and gasoline, according to energy experts.Roughly 15 million barrels of crude oil per day – about 20% of the world’s oil – are shipped through the Strait of Hormuz, Associated Press reports quoting Rystad Energy, making it the world’s most critical oil chokepoint. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran.When Iran temporarily shut down parts of the strait in mid-February citing a military drill, oil prices jumped in a direct aftermath.What does this mean for India, which imports nearly 90% of its oil?According to Zero Carbon Analytics, India is among Asian nations most exposed to the violence, second only to Japan and South Korea. “Four Asian countries, China, India, Japan and South Korea, account for 75% of oil and 59% of LNG flows through the Strait,” the research note says.A report published by data analytics company Nomura has also listed India as among the top four Asian countries that are among the most vulnerable to rising oil prices, along with Thailand, South Korea and the Philippines.The Wire’s Aathira Perinchery has analysed how it is even more crucial now more than ever for India to hasten its transition to clean energy sources.A geopolitical risk premium would lift Brent prices, alongside increases in freight rates and war-risk insurance costs. Even in the absence of physical shortages, landed crude costs for Indian refiners would move higher. For India, this translates into higher import bills and potential macro pressures, while physical availability may remain intact in the near term, a Kpler report has said.A return to Russia?Mint’s Rituraj Baruah and Gireesh Chandra Prasad report on the chances of India returning to discounted Russian crude with the Strait of Hormuz choked.US secretary of state Marco Rubio on February 14 had underlined that India has committed to stop buying Russian oil though the Ministry of External Affairs (MEA) has maintained that “national interests” would be the “guiding factor” for energy procurement.US pressure had forced India to cut back on Russian crude but the Mint report notes that supplies never fully halted. Refiners have continued sourcing from non-sanctioned entities in the meantime.With Gulf supply chains wobbly at the moment, refiners could consider a return to Russia. Bloomberg has reported that Indian state refiners and government officials met over the weekend to hammer out contingency plans.Also read: Where Is Petroleum Minister Hardeep Puri as Questions on India’s Energy Security Mount?LNG, fertilisers, MSME, freight operationOne of the biggest shocks in energy was to natural gas prices, which rose more than 40% in Europe when QatarEnergy, a major supplier, halted production of liquefied natural gas after its facilities were attacked. For India, the spike in natural gas price could push up production cost of the fertiliser urea. Qatar is also key to India’s LNG sourcing.Another Mint report, by Manas Pimpalkhare and Dhirendra Kumar, finds India’s MSME sector vulnerable, with West Asia and North Africa its key export destinations. The report has it that in FY25, India’s merchandise exports to these markets exceeded $64 billion, while total bilateral trade crossed $216 billion.This report quotes the India SME Forum which represents 97,000 MSMEs estimating that even a week-long disruption could affect export orders worth Rs 8,500 crores. Higher freight and insurance costs could also hit MSMEs hard.Business Standard reports that vessel operators and exporters are also feeling the heat of continued cargo build up at Indian ports and Indian seafarers stuck at sea.Directorate General of Foreign Trade (DGFT) and Directorate General of Shipping (DGS) officials met stakeholders over the past two days to discuss issues they are facing, the report said.