The energy crisis from the conflicts in West Asia and Russia-Ukraine is taking unprecedented forms. The present crunch isn’t just about crude oil. Brent prices, at about $102 per barrel, are nearly 55 per cent higher than a year ago, but below the March 2022 and July 2008 peaks of $139.1 and $147.5, respectively. The long-range drone and missile strikes by Ukraine and Iran have targeted refineries, driving up the prices of their products and byproducts more than that of crude. Diesel prices in the US are at a record $6.5-plus a gallon, up 76.2 per cent year-on-year. Equally significant is sulphur. In normal times, India was importing this byproduct of........

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