India is the world’s third-largest oil consumer after the US and China and consumes about 5.6 million barrels per day. “Any disruption at the Strait of Hormuz would have immediate and significant implications for both India and global oil markets,” says Sumit Ritolia, Lead Research Analyst, Kpler, the data analytics company. Crude oil prices have already been climbing throughout February as fears of a widening Iran-Israel-US conflict mounted. Since the Russia-Ukraine war started, European buyers, who had traditionally taken Russian crude, have competed more aggressively for Gulf supplies, tightening global markets and reshaping trade flows. The bigger long-term risk would be economic strain from persistently high oil prices rather than running out of crude altogether.

Source: The Telegraph March 01, 2026 13:30 UTC