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Indian Crude Oil Benchmark Surges Past $100 Amid Middle East Tensions

Guavy AI Editorial Team
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India's Crude Oil Benchmark Surges Past $100 Amid Escalating Middle East Tensions

The Indian Oil Ministry's Petroleum Planning and Analysis Cell (PPAC) reported that India's average crude import price hit $101.07 per barrel on Friday, exceeding the $100-a-barrel threshold for the first time since May.

The price surge is attributed to international crude oil prices rallying amid intensified hostilities in the Middle East, where the United States and Iran continue to exchange strikes and fire.

India's crude oil import bill has soared in recent months due to reduced oil flows from the Middle East and high risks to shipping in the Strait of Hormuz. The freight rates on the key route from Ras Tanura on Saudi Arabia's Persian Gulf to India have skyrocketed by over 400% since February 28.

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