Brent nears the psychological $100 mark on renewed Hormuz strikes — India, which imports 88.7% of its crude, faces a widening bill.
+13% MoM · +48% YoY
+11% MoM · +46% YoY · $3 from $100
Month-on-month vs year-on-year gains
PPAC average import price, FY27
| Metric ↕ | Pre-War | Now | Change ↕ |
|---|---|---|---|
| Freight: Ras Tanura → India | Baseline | Since late Feb | +400% |
| VLCC freight, same route ($/bbl) | $0.85 | $4.34 (Aug) | +411% |
| Suezmax: Ust-Luga → India ($/bbl) | $8.40 (Feb) | $19.90 (Aug) | +137% |
| War-risk insurance, Hormuz voyage | $0.25M | $7.5M–$10M | ~35x |
| India Q1 FY27 crude import cost | Year-ago base | Apr–Jun 2026 | +60% |
| India July import bill (YoY) | July 2025 | July 2026 | +41% |
"For India, persistently high oil prices remain a key risk, given their potential to widen the import bill, stoke inflationary pressures and strain the current-account balance."