In numbers: Strait of Fire—Hormuz war pushes crude prices past $100

Hormuz disruption threatens more than a third of India’s crude; prices cross $100 a barrel as 10 million diaspora face West Asia’s escalating war risk

Mar 13, 2026, 11:48 IST1 min

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The Iran-USA-Israel war has restricted oil traffic through the Strait of Hormuz. This is posing as a direct threat to India’s energy security, potentially choking off about 40 percent of vital crude supplies. Hormuz facilitates a fifth of global oil volumes, or roughly 20 million barrels daily. India’s crude imports are shipped from ports exposed to the Hormuz disruption, including Basrah in Iraq, Ras Tanura in Saudi Arabia (which Iran targeted with drones), and UAE terminals at Fujairah and Zirku Island.

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India gets 2.1 million barrels per day through the Strait—making it the third-largest destination.

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About three-fourth of India's crude oil imports are received by ports located on the West Coast, mostly in Gujarat.

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The financial fallout is visible. India’s crude basket, which averaged $69 per barrel in February, surged to $98 in early March, a 42 percent spike.

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With crude already hitting $100, a surge to $120 per barrel could double India’s FY27 oil trade deficit to $220 billion. This trajectory threatens to widen the current account deficit to 3.1 percent, according to some estimates.

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India is also facing a humanitarian crisis. Nearly 10 million Indians live across the Gulf region, with close to 4 million in the UAE, amplifying New Delhi’s diplomatic urgency as the conflict deepens.

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Even before the beginning of the war, India-Iran trade had collapsed from a $13.5 billion import peak in FY19 to under $1 billion in FY26, as US sanctions steadily choked off one of India’s strongest energy partnerships.