India's Crude Oil Price Surpasses $100 for First Time Since May
India's crude oil basket price has surpassed $100 per barrel for the first time since May, according to data from India's Petroleum Planning and Analysis Cell (PPAC). The Indian Basket is a calculated indicator that includes the Dated Brent benchmark grade and average quotations for Oman and Dubai grades. It reflects the average cost of oil imported by Indian refineries.
The price of the Indian Basket rose to $101.07 per barrel on Friday, marking a significant increase from its previous peak in May. The Indian Basket's average price since the beginning of September stood at $99.38 per barrel, with prices rising steadily throughout the month.
OilPrice attributes the rise in international oil prices to intensified fighting in the Middle East and reduced oil flows from the region, as well as elevated risks to shipping in the Strait of Hormuz. The publication reports that freight rates on the route from Ras Tanura in Saudi Arabia to India have risen by more than 400% since February 28.