The record
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- Renewed US strikes on Iran and Iranian retaliation have pushed Brent crude to around $95 per barrel, up about 20% since early July, reviving concerns over oil supply disruptions from West Asia.
- India imports nearly 90% of its oil, and every $1 per barrel rise in prices can add about ₹18,000 crore to its annual import bill, which could fuel inflation and affect GDP growth or the current account deficit.
- The closure of the Strait of Hormuz has cut supplies from traditional West Asian suppliers, though India has diversified to about 41 countries, with Russia now the top supplier, albeit at higher costs.
- With domestic petrol and diesel demand rising, India is also boosting local exploration, including a ₹84,000 crore offshore scheme approved by the Union cabinet.
What to watch next
- Whether Brent crude prices stay in the current volatile $88-$97 range or move higher as the US-Iran conflict escalates
- The status of tanker movement through the Strait of Hormuz and the Red Sea route for Indian supplies
- Progress of the Samudra Manthan-National Offshore Exploration Scheme in boosting domestic production
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Named United States · Iran · India · Saudi Arabia · Iraq · United Arab Emirates · Russia · Venezuela · Al Jazeera · Organization of Petroleum Exporting countries · Petroleum Planning and Analysis Cell · UAE · Union Cabinet
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