India's crude oil basket at 4-year high of $127.22/bbl Thursday
This story was originally published at 13:39 IST on 13 March 2026
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--India's crude oil basket at 4-year high of $127.22/barrel Thu
MUMBAI – The price of India's crude oil basket rose to a four-year high of $127.22 per barrel Thursday, up $13.65 from Wednesday, amid rising global oil prices due to military conflict in the West Asia and the consequent loss of supply from the region. The Indian crude oil basket represents a derived basket comprising average prices of the sour grade Dubai and Oman crude and the sweet grade Brent crude oil, according to the Petroleum Planning and Analysis Cell.
Brent crude oil prices have risen above $100 per barrel Friday, the third time this week after Iran's newly elected Supreme Leader Ayatollah Mojtaba Khameini said the Strait of Hormuz would remain shut as a pressure tactic and demanded that the US close all its bases in the region. Moreover, US Energy Secretary Chris Wright said the US Navy could escort tankers through the Strait of Hormuz only by the end of March, CNBC reported.
At 1305 IST, the May Brent crude oil futures were 1.2% higher at $101.66 per barrel. "The conflict has now moved beyond a short-lived geopolitical shock and into a phase where supply losses are increasingly structural rather than transient," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "...we think markets are under-pricing the likely duration of the disruption and the risk of compounding supply losses. The likelihood of operational constraints leading to temporary well closures (shut-ins) over the coming weeks is rising fast," Hynes added. End
US$1 = INR 92.43
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Ashutosh Pati
Edited by Akul Nishant Akhoury
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