Energy

India’s Crude Oil Benchmark Tops $100 as Middle East War Escalates

India’s average crude import price soared to above $100 per barrel at the end of last week and is set to further rise this week as international crude prices rallied amid intensified hostilities in the Middle East. The so-called Crude Oil FOB Price, or the Indian Basket of average sweet and sour gra

Source: OilPrice.com

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DW NOTE

India's crude oil benchmark has crossed $100 with the Strait of Hormuz still effectively closed and 2,000 ships stranded in the Gulf — yet WTI trades at $92 and global equities sit near all-time highs. Either India's refiners are paying a massive landlocked premium, or someone's benchmark is pricing a war that oil markets have decided to ignore.

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