Story perspectives

Jaishankar Warns Energy Market Disruptions Threaten Jobs Worldwide

By Drooid · Oct 5, 2026, 10:44 AM UTC · How we work

Summary

Story summary

External Affairs Minister S. Jaishankar warned volatile energy markets threaten kitchens, jobs, livelihoods worldwide.
He urged immediate restoration of uninterrupted energy, trade and mobility flows consistent with international law.
India imports over 85% of its crude oil, so West Asia disruptions raise domestic inflation and fuel costs.
Jaishankar noted India is a non-signatory to the NPT, unlike Iran, which signed in 1968 and ratified in 1970.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, embargoed oil to the United States and allies after the Yom Kippur War, cutting Middle-East exports by about two-thirds and pushing world prices from $3 to $12 per barrel—a 300 % jump. The shock spurred energy diversification; India, importing 85 % of its crude, hears Minister S. Jaishankar warn that West-Asian tensions could repeat those spikes.

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Story summary

External Affairs Minister S. Jaishankar warned volatile energy markets threaten kitchens, jobs, livelihoods worldwide.
He urged immediate restoration of uninterrupted energy, trade and mobility flows consistent with international law.
India imports over 85% of its crude oil, so West Asia disruptions raise domestic inflation and fuel costs.
Jaishankar noted India is a non-signatory to the NPT, unlike Iran, which signed in 1968 and ratified in 1970.

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