West Asia Conflict: Understanding Its Deep Impact on India's Oil Sector

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West Asia Conflict Fuels India's Oil Crisis Fears; Hormuz Strait Key

While government has indicated that India has 50 days worth of crude stock and 20-30 days worth of LPG left, a long term closure of the Hormuz Strait will force refiners to diversify their options and may push up costs.

M

Moneycontrol•03-03-2026, 18:45

West Asia Conflict Fuels India's Oil Crisis Fears; Hormuz Strait Key

•Intensifying US, Israel, Iran geopolitical crisis sparks concerns over India’s energy security.
•Global oil benchmarks Brent and West Texas Intermediate saw price surges; Brent briefly topped $85.
•Iran's Revolutionary Guards declared Strait of Hormuz 'closed', threatening 40% of India's crude imports and 20% of global petroleum flow.
•India's crude import dependence reached 88.6% (April–Jan FY26), making it a key driver of global oil demand growth.
•Prolonged Hormuz disruption risks higher prices and shipping costs; $1/barrel rise adds $2 billion to India's import bill. India holds strategic reserves.

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