India Navigates Geopolitical Oil Shocks with Economic Resilience

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India Navigates Geopolitical Oil Shocks with Economic Resilience

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A conflict involving the US and Iran began at the end of February 2026, leading to significant concerns about global energy markets. The Strait of Hormuz, a vital passageway for about 20% of the world’s oil and gas, faced disruptions, causing crude oil prices to become highly volatile. Brent crude, for instance, surged from $78 per barrel to over $112 per barrel in March 2026.

Despite these global headwinds, India’s economy showed resilience. The country has been actively diversifying its crude oil import sources, and as of June 2026, approximately 70% of India’s crude oil imports were secured from outside the Strait of Hormuz. India imports crude oil from around 40 countries, and oil marketing companies have secured various crude cargoes from different sources.

Indian refiners have adapted by increasingly routing barrels through bypass hubs like Saudi Arabia’s Red Sea port of Yanbu and the UAE’s bunkering center at Fujairah to maintain supply continuity. India’s direct imports through the Strait of Hormuz significantly decreased from nearly 2.8 million barrels per day in February 2026 to 738,000 barrels per day in March, further dropping to 179,000 barrels per day in May. Concurrently, volumes through alternative routes more than doubled, climbing from 767,000 barrels per day in March to 1.67 million barrels per day in May. India has also increased imports from Russia and the UAE.

The Indian government has stated that its crude supply is secure and that the volume of crude oil secured exceeds what would normally have arrived through the Strait of Hormuz. This strategic diversification and adaptive routing have helped India manage the impact of the geopolitical tensions on its energy security. The Chief Economic Advisor, V Anantha Nageswaran,

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