Israel-Iran conflict LIVE: Israel-Iran launch barrage of missiles; explosions heard over Jerusalem

Israel’s attack on Iran and heightened tensions in the area pose significant risks to India in terms of curtailed supplies of oil and a 40-50% increase in the export costs, according to analysts and trade experts. 

Early on Friday (June 13, 2025), Israel said it had struck “dozens” of nuclear and military targets in Iran, following which Iran reportedly retaliated with drone strikes of its own.

Following these developments, global oil prices jumped about 8% in a single day, sparking fears that a sustained escalation could push inflation in India up, since it imports about 80% of its oil requirement. 

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