The dramatic escalation in tensions between Israel and Iran caused a spike in the price of crude and raised fears among oil traders about disruption to shipping in the Strait of Hormuz, one of the world’s most vital waterways.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

Chief Economic Adviser V Anantha Nageswaran has warned that the ongoing Israel-Iran conflict could pose risks to India's energy security due to rising crude oil prices. Despite global geopolitical uncertainty,