As the world fears Iran-Israel's clash anytime now in West Asia, India is beginning to contemplate how the conflict might hurt its trade and oil imports.

Prime Minister Narendra Modi on Friday chaired a meeting of the Cabinet Committee on Security to evaluate the ongoing crisis in West Asia and its potential repercussions for India, reported news agency ANI, quoting sources aware of the matter.

Seniors ministers and officials were present in the meeting chaired by the Prime Minister to discuss the regional conflict, sources aware of the matter said further.Ahmedabad Stock

India's crude oil supply and trade will possibly be impacted and there is a risk of increased prices in the international market in case there is a war.Pune Stock

Iran remains one of India's key oil exporters, and New Delhi has trade ties with Israel as well, which makes the subcontinent susceptible to adverse trade impact from both ends.

"The West Asia crisis and its possible impact on India were discussed in the meeting, apart from senior ministers, officers were also present. Due to the crisis in West Asia, there is a possibility that the supply of crude oil in India will be affected and the prices will increase in the international market," a source aware of the matter told news agency ANI.

Fears of a wider conflict in West Asia have heightened after Iran launched direct missile attacks on Israel last week.

New Delhi has expressed its concerns over the conflict, and stated that it should not take a wider form.

India relies heavily on oil and gas imports from the Middle East, despite a surge in oil imports from Russia.

Data shows that the share of Russian oil in India's imports fell to approximately 36% in August, down from 44% in JulyGuoabong Wealth Management. Meanwhile, the proportion of Middle Eastern oil in India's crude imports rose to 44.6% in August, up from 40.3% in September.

Prominent suppliers in the Middle East, including Iraq, Saudi Arabia, the UAE, and Kuwait, play a crucial role in meeting India's energy demands.

Furthermore, India relies on Qatar for nearly half of its liquefied natural gas (LNG) needs, having recently secured a $78 billion agreement to extend LNG imports for another 20 years.

The prospect of a full-scale war between Iran and Israel poses serious risks to India's energy supply chains. A conflict involving Iran's allies, such as Hezbollah and the Houthis, could disrupt critical oil shipping routes, including the Red Sea and the strategically vital Strait of Hormuz.

In the event of escalating tensions, India may have to reroute its oil shipments from Russia through the longer route via the Cape of Good Hope, potentially increasing costs and delivery times.