India is preparing to source crude oil from outside the Persian Gulf and cut its own refined-product exports should the Strait of Hormuz be blocked to ship traffic, Oil Minister Hardeep Puri said Thursday.

The Strait of Hormuz, a crucial passage for a significant portion of the world's oil and gas supply, remains open despite Iran's threats of closure. Analysts suggest such threats serve as diplomatic tools,

As the conflict between Israel and Iran intensifies, speculation is rising about whether the Iranians will close the Strait of Hormuz, which is critical to the world’s oil production. Two ocean tankers crashed into each other and burst into flames near the strait early Tuesday morning amid reports of electronic interference caused by Israel and