Iran has officially announced the closure of the Strait of Hormuz after the assassination of their supreme leader, Ayatollah Khameinei - and now, in India, the world's third largest oil consumer, crude oil refiners are scouting for new supply sources. As per 3 sources aware of the development, the petroleum ministry is now consulting with refiners, taking stock of oil stocks and exploring possible alternatives in Africa and South America. Saudi Arabia and Iraq emerged as major suppliers to India of late - and with this new situation, import from alternative sources may pick up. But even if supplies are ensured, prices are sure to rise. Watch.