India appear better stocked for West Asia crisis, but oil shock threatens

In West Asia, tensions are affecting energy and fertilizer supplies, prompting adjustments by the Indian government. Freight costs have surged to unprecedented levels due to rising insurance and shipping difficulties, impacting global supply chains. Current crude prices are the highest in twelve years, straining Indian refiners and state-run retailers. The government faces challenges with increasing fiscal and current account deficits due to rising import costs.