Iran War Threatens India’s LPG Supply As Hormuz Risk Rises, Russian Oil Returns

The Iran war is creating major turbulence in global energy markets — and India is watching closely. While crude oil supplies appear secure for now, thanks to Russian oil cargoes heading toward Indian ports after a temporary US waiver, India’s biggest vulnerability may lie elsewhere: LPG. More than 90% of India’s liquefied petroleum gas imports pass through the Strait of Hormuz, one of the world’s most critical energy chokepoints. Any disruption there could put pressure on cooking gas supplies used by millions of Indian households. India currently has LPG reserves estimated at around three to four weeks, while the government says energy stocks remain comfortable and alternative suppliers are being explored. At the same time, Russian Urals crude — once sold to India at steep discounts — is now being offered at premiums due to tight supply. Here’s a breakdown of how the Iran war could reshape India’s oil and gas security.