Investing.com -- India anticipates a decline in oil and gas prices in the coming months, despite ongoing supply constraints from the U.S.-Israeli war with Iran, Oil Minister Hardeep Singh Puri said Monday in an interview with broadcaster CNN-News18.

The minister stated that India maintains sufficient energy reserves to last 76-80 days, though he warned the situation could become worrying if the Gulf crisis spreads to additional areas.

Indian state retailers have increased fuel prices four times since mid-May to address supply disruptions from the conflict, following a pause during state elections. Petrol prices have risen approximately 7.8% while diesel prices increased 8.6%.

Puri said oil prices cannot stay at current levels for a very long time and should decrease in the months ahead. He added that India expects suppliers from the Western Hemisphere, including the U.S. and Canada, to compensate for the shortages.

Global oil prices have jumped 40% to trade near $100 per barrel since the war restricted shipments through the Strait of Hormuz. Before the conflict began in February, roughly one-fifth of the world's oil and gas supplies passed through the waterway.

India imported more than 40% of its crude oil and about 90% of its liquefied petroleum gas, used for cooking, through the strait before fighting started.

The Indian foreign ministry said Monday it has utmost concern over renewed hostilities and urged all parties to immediately reduce tensions and complete ongoing negotiations for a diplomatic resolution.