Indian Crude Import Price Surges Past $100 Per Barrel Amid West Asian Tensions

India's crude oil import price has hit a six-week high of $100.07 per barrel, according to data from Petroleum Planning and Analysis Cell.

The Indian basket of crude oil, which is derived from a weighted average of the prices of Dated Brent, Oman, and Dubai benchmarks, reached its highest level since July 23 last Friday.

This price increase is largely due to international tensions in West Asia, particularly the Strait of Hormuz, where there have been reports of hostilities between Iran and the US. This has led to concerns about supply disruptions and increased energy prices.

As a result, India's oil marketing companies (OMCs) may face higher under-recoveries if retail pump prices remain unchanged while crude prices continue to rise.