Yet another potential source of disruption to the global energy market, and perhaps one less tied to the Russia–Ukraine war, has arisen in the Middle East. As Iran blocks traffic through the Strait of Hormuz, a critical chokepoint through which nearly 20 million barrels per day (mb/d), one-fifth of the world's oil supply, passes, raising the likelihood of yet another global energy crisis. Recent escalations involving Iran, Israel, and U.S. naval deployments in 2025–26 have a

India has one of the world’s largest foreign exchange reserve stockpiles as of January 2026, with an average of around $723.8 billion . This level of adequacy placed India in a relatively secure position compared to other emerging markets. Despite such large reserves, due to their utilisation, reserve levels were still relatively robust in mid-March 2026, about $709.76 billion , despite the extent of intervention by the RBI itself. Illustration by The Geostrata Here, the RB