India’s Oil Crisis Deepens: Crude Basket Hits $156, Costs Surge Amid Gulf Conflict

India is facing a sharp surge in crude oil costs even as global benchmark Brent prices show signs of cooling. The Indian crude basket has hit a record $156 per barrel, driven by escalating tensions in West Asia and severe supply disruptions. With nearly 89% of its oil imported, India is feeling the full impact of rising prices, logistics bottlenecks, and soaring freight and insurance costs. The Strait of Hormuz disruptions, damage to key energy infrastructure, and reduced tanker movement have worsened the crisis. Experts warn that every $10 increase in crude prices could add up to $16 billion annually to India’s import bill — potentially leading to a massive economic burden. So why is India paying far more than global benchmarks, and how long will this pressure last? Here’s a detailed breakdown of the growing oil shock.