India’s Crude Import Bill Surges as Hormuz Shipping Rates Soar
India’s crude oil import bill has soared since the Iran war choked Middle Eastern oil supply, raised benchmark crude prices, quadrupled freight rates, and boosted insurance on a single Strait of Hormuz voyage to never-before-seen highs. India has been paying elevated prices to import Middle Eastern
Source: OilPrice.com
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DW NOTE
India's crude import bill is climbing because the US has blockaded the Strait of Hormuz for 133 days. Shipping rates don't soar on their own — they soar because warships are enforcing a closure that has cut global oil supply by 4.3 million barrels per day. India imports 85% of its oil; this is not a freight story, it's a balance of payments crisis in slow motion.