Indian Crude Oil Basket Surges Past $103 Amid Global Shipping Disruptions

India's crude oil import basket surged to $103.33 per barrel on July 25, marking a two-month high driven by global shipping disruptions.

The jump of 11% in one day was triggered by key bottlenecks in the Red Sea caused by Houthi militia attacks and the closure of the Strait of Hormuz, pushing Brent crude past $100 per barrel before settling near $97.08.

As India imports nearly 90% of its total crude oil requirements, the rising import costs directly expose domestic retail rates to international Free-On-Board (FOB) product price swings.