India's oil minister Hardeep Puri said on Thursday that if ship traffic in the Strait of Hormuz is blocked, India is preparing to purchase crude oil from outside the Persian Gulf and cut its exports of refined oil products. About a quarter of the world's oil trade passes through this critical waterway. Some market observers worry that Iran, which is in conflict with its long-time rival Israel, may choose to attack oil tankers passing through the Strait of Hormuz or completely shut down the Strait of Hormuz. “We have sufficient stocks of crude oil and refined oil products,” said Puri. We have a sufficiently diverse supply of crude oil that, even if there is an outage, we can obtain it from other sources.”

India's oil minister Hardeep Puri said on Thursday that if ship traffic in the Strait of Hormuz is blocked, India is preparing to purchase crude oil from outside the Persian Gulf and cut its exports of refined oil products. About a quarter of the world's oil trade passes through this critical waterway. Some market observers worry that Iran, which is in conflict with its long-time rival Israel, may choose to attack oil tankers passing through the Strait of Hormuz or completely shut down the Strait of Hormuz. “We have sufficient stocks of crude oil and refined oil products,” said Puri. We have a sufficiently diverse supply of crude oil that, even if there is an outage, we can obtain it from other sources.”