🇮🇳 India’s crude import bill is surging as the Iran war disrupts Middle Eastern oil supplies and drives up shipping costs.
Freight rates from Saudi Arabia’s Ras Tanura to India have jumped 411%, while war-risk insurance for a single Strait of Hormuz voyage has risen to as much as $10 million.
Brent crude has also climbed around 25% since the conflict began, pushing India’s crude import bill 60% higher year-on-year in Q2.
#India #Oil #CrudeOil #Hormuz #Energy
Note by Alessandro Bazzoni