Oil prices up due to West Asia conflict, watching situation carefully: Puri

With global oil prices flaring due to widening conflict in the Middle East, India is watching the situation carefully and is confident of navigating any challenges it may pose, Oil Minister Hardeep Singh Puri said on Monday.

International oil prices have flared to over USD 78 per barrel from about USD 70 per barrel, as the market waited to see if Israel would retaliate against Iran for a missile attack last week.

"We are watching the situation very very carefully," Puri said at ExxonMobil Global Outlook 2024 here.

Energy availability, he said, can be affected if there is an escalation in the Middle East.

But supplies are not impacted and India, the world's third largest oil consuming and importing nation, is confident of being able to navigate any situation.

"I am confident, we will be able to navigate as we did previously," he said.

Puri said there is no shortage of oil and India is confident of sourcing its requirement.

After the Iranian missile attack, it is being speculated