The ongoing conflict in the Middle East has so far had a limited impact on Indian companies’ global trade exposure, but any escalation could pose risks to key sectors, CRISIL Ratings said in a report.While global crude prices have remained volatile amid the tensions between Israel and Iran, India’s direct trade with both countries is under 1% of total foreign trade, the report noted. Brent crude prices have risen from around $65 per barrel in April–May to between $73 and $76 in the past week.“The immediate fallout on India Inc’s trade remains modest, given the small scale of direct commercial links,” the report said as quoted PTI. It also warned that if geopolitical risks intensify, the effect could spill over into energy markets and industry supply chains.According to CRISIL, upstream oil producers may benefit from higher prices, but refiners could see their margins squeezed. Sectors like aviation, speciality chemicals, paints and tyres may also feel the pinch if crude prices climb further or logistics are disrupted.India’s exports to Iran are dominated by basmati rice, while trade with Israel spans more categories, the report added.