Hormuz supply shock: India diversifies oil basket as Middle East conflict drags on

 Amidst escalating Middle East tensions, India is rerouting crude oil supplies to secure uninterrupted fuel imports. Refiners are increasing sourcing from the US, West Africa, and Russia, while holding planned maintenance to build reserves. This diversification aims to mitigate risks associated with the Strait of Hormuz, ensuring domestic fuel needs are met despite potential cost increases. Amidst escalating Middle East tensions, India is rerouting crude oil supplies to secure uninterrupted fuel imports. Refiners are increasing sourcing from the US, West Africa, and Russia, while holding planned maintenance to build reserves. This diversification aims to mitigate risks associated with the Strait of Hormuz, ensuring domestic fuel needs are met despite potential cost increases.