The world is staring at its biggest oil shock in history. With depots, tankers and terminals ablaze across the Middle East, crude has rocketed past $110-$119, and nearly a fifth of global supply has collapsed. The Strait of Hormuz is squeezed, production is down, and oil companies are hit. For India – which imports 90% of its crude and holds only about 50 days of reserves – the crisis is real and immediate. As New Delhi activates its emergency fuel plan, tonight’s debate asks: Who will stabilise oil prices? And what does this expanding Gulf war mean for every household, every market, every economy?
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