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: There is overall concern that the war might escalate to involve other neighbouring countries. Officials say some countries might not have taken well to the Modi government’s support for Israel and might want to give the meeting a skip.
The success of the proposed economic corridor depends on the relationship between Israel and Saudi Arabia improving, but with the conflict escalating between Tel Aviv and Gaza, the future of this flagship project is looking grim.
Being the world’s third-largest consumer of crude oil, India is particularly vulnerable to any price fluctuations in global oil prices. Experts tell Moneycontrol that India faces the risk of a further surge in oil prices if the ongoing conflict spreads beyond Gaza.