Archive · 22 Jul 2026
Oil Prices Surge Amid West Asia Tensions
Oil prices are going up because of fights between countries in West Asia.
This is bad for India because it imports most of its oil.
The fights make it hard for oil ships to pass through important waterways like the Strait of Hormuz and Bab-el-Mandeb.
The US wants India to stop buying oil from Russia, but India likes buying from Russia because it's cheap.
India is trying to store more oil and make more oil at home to be safer.
Brent spot oil prices have surged past $90 a barrel due to tensions in West Asia.
India imports 88% of its oil, making it vulnerable to price hikes and supply disruptions.
The US-Iran MoU to end conflict and open the Strait of Hormuz has unraveled.
India is facing potential blockades in both the Strait of Hormuz and Bab-el-Mandeb.
The US is pressuring India to reduce Russian oil imports, but India is unlikely to change its strategy.
- Who
- India, US, Iran, Houthi, Saudi Arabia
- What
- Surge in oil prices due to geopolitical tensions
- When
- Ongoing, with recent escalations
- Where
- West Asia, Strait of Hormuz, Bab-el-Mandeb
- Why
- Geopolitical tensions and potential blockades
Pro-Reduction of Russian Oil Imports
Pro-Continued Russian Oil Imports
US Pressure on India
Pro-Reduction of Russian Oil Imports
The US is pressuring India to reduce its dependence on Russian oil, proposing a 100% import duty on countries purchasing oil from Russia.
Pro-Continued Russian Oil Imports
India is unlikely to change its sourcing strategy, as it seeks to access supplies at the best possible price.
- Brent Spot Price
- Over $90 a barrel
- India's Oil Import Dependence
- 88%
- US-Iran MoU Date
- June 18
- Peak Brent Price in April
- $117 a barrel
- Indian Ships Safely Transited Strait of Hormuz
- 23 Indian-flagged and 36 foreign-flagged ships
- India's Russian Oil Imports Increase
- 53% in April-June quarter
- ONGC Strategic Petroleum Reserve
- 13 million barrels in Mangalore