Amidst Iran-Israel tensions, India has significantly increased its Russian oil imports, surpassing combined purchases from Saudi Arabia and Iraq. This shift, driven by discounted prices, sees Russian oil constituting a substantial portion of India's crude imports.

India has ramped up purchases of Russian oil in June, importing more than the combined volumes from Middle Eastern suppliers such as Saudi Arabia and Iraq, amid market volatility triggered by Israel's dramatic attack on Iran.

Speaking on negative economic impact of Israel-Iran war escalation, Defence Expert Sanjeev Srivastava said that this conflict can disrupt world’s energy supply chain and further increase oil prices.“The major military action undertaken by Unites States at three nuclear facilities’ of Iran is a major escalation of Isreal-Iran conflict and the economic impact of this conflict can grip the world.