Oil supply may be disrupted, but have enough stock: Officials

Iranian Parliament's move to block the crucial Strait of Hormuz threatens to disrupt crude oil and gas supplies from the Persian Gulf, but India has sufficient inventories and is preparing to increase purchases from alternative sources, officials said.

- SUBHAYAN CHAKRABORTY

The government is monitoring the situation closely.

In an unprecedented step, Iran's Parliament voted on Sunday, allowing emergency measures to block the narrow, strategic waterway, state media reported. However, the final decision rests with the country's Supreme National Security Council.

Petroleum and Natural Gas Minister Hardeep Singh Puri sought to downplay concerns, saying India has been "closely monitoring" the evolving geopolitical situation in the Middle East for the past two weeks. "We've diversified our sources in recent years, and a significant share of our supplies no longer pass through the Strait of Hormuz," he said.