Moody's Ratings has highlighted the ongoing crisis in the Strait of Hormuz, which has severely disrupted global crude oil supplies since the conflict began on February 28. The agency suggests that countries heavily reliant on Middle Eastern oil, including India, may need to negotiate directly with Iran to secure energy imports. The report indicates that a swift resolution between the United States and Iran is unlikely, which means that oil-importing nations may pursue bilateral arrangements with Tehran. Moody's anticipates that Brent crude prices will remain elevated, ranging between $90 and $110 per barrel for much of the year, contributing to inflationary pressures globally. India, which sources 46% of its crude oil from the Middle East, is particularly exposed to these market fluctuations. The Indian government has not yet commented on potential negotiations with Iran, but it has intensified fuel conservation measures in response to rising energy prices. Iranian Foreign Minister Seyyed Abbas Araghchi noted that while the Strait remains open for most shipping, tensions must ease for maritime normalcy to return.