India is also dependent on this oil narrow point since about 2mn barrels per day (bpd) of crude oil out of its total import of 5.5mn bpd transits through it. Overall, India sources about 40% of its supplies from West Asian nations such as Iraq, Saudi Arabia, the United Arab Emirates and Kuwait. These countries export crude oil to India through the Strait of Hormuz route. Notably, crude oil reached nearly $80 per barrel as the Israel-Iran conflict broke out, marking a five-month high.
