Right since the US reneged on the nuclear deal with Iran, there have been several instances of heightened tensions between the the two nations.Efforts by the stakeholders of the deal too, could not see a fruitful breakthrough.The present event
is indeed an unpalatable development for the nation, at a critical juncture like this.The spike in crude price by 4% would have its impact on our economy further.The swift restoration of supply in a short time after the attack onSaudi refinery recently ensured the price stability.If the tensions escalate, crude may further cost an arm and a leg.Apart from the impact on forex through remittances from West Asia,to a tune of about $40 billion,the viability of the Chabahar Port that bypasses Pakistan and provides a road access to four cities in Afghanistan may also be a matter of concern, if heightened tensions prolong.It pays good dividends if India, along with other global powers, initiates a constructive role to diffuse tensions in the region through diplomatic efforts,to restore global peace in general and to protect our economic interests in particular !
There is nothing called as " Arabian gulf". It's called " Persian gulf". It's same as calling Indian ocean, Pakistani ocean. Expecting correction ASAP