look news india
A big and shocking news is coming out regarding the ‘Strait of Hormuz’, the most important sea route for global trade and crude oil supply chain. The countries controlling this international waterway are now preparing to impose a new transit tax on cargo ships and oil tankers passing through it. After this decision, there has been a stir among policy makers and business houses all over the world, because more than one-third of the world’s crude oil is transported through this route. Some experts in the global market are seeing this step as a new way of creating diplomatic pressure.
People close to Iran may get big relief, there will be a direct impact on the global market
Iran has significant influence on this strategic sea route and this new tax will directly affect the countries that import oil from the Gulf countries. There is a strong discussion in the diplomatic circles that under this new rule, huge tax concessions or complete exemption can be given to countries close and friendly to Iran. Amidst the increasing geopolitical tension in West Asia (Middle East Geopolitics), this step is being seen as a strategy to increase economic pressure on Western countries and their allies, due to which the cost of logistics and shipping may increase significantly in the coming days.
What will be the impact on India’s strategic and business interests?
This news is very sensitive for New Delhi, because India imports a large part of crude oil for its energy needs through this route. Indian Foreign Ministry officials are keeping an eye on the situation in view of the development of Chabahar Port and India’s old historical and diplomatic relations with Iran. Market experts believe that if India does not get exemption from this tax, the prices of petrol, diesel and freight may increase in the country. However, New Delhi is hopeful that its strong bilateral relations with Iran will prove helpful in saving India from this additional financial burden.
