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Informist, Monday, Sept. 7, 2026

 

By Aaryan Khanna

 

NEW DELHI – India's crude oil basket jumped 11.6% last week to top $100 a barrel for the first time since Jul. 23, according to data released by the government's Petroleum Planning and Analysis Cell Monday. The rise in the Indian basket outpaced global benchmarks as it is more affected by disruptions in West Asia, according to analysts.

 

India's crude oil basket is a specific mix of Sweet grade Brent dated crude along with Sour grade crude quoted from Dubai and Oman, which in September is calculated in a 77.81:22.19 ratio to arrive at the crude oil basket. The escalation of attacks between US and Iran last week has likely led to an unusual rise in crude grades from the region. Brent crude for November delivery rose less than 8% to settle at $96.28 per barrel Friday.

 

"The nuts and bolts of the oil market have been torn loose due to the extent of the war. The physical market is quoting at a premium to futures contracts due to the strain in supply," said Anindya Banerjee, head of research - commodity and currency at Kotak Securities. "But it must be noted that India's crude oil basket is a snapshot of the pre-war normal and India has diversified its sources of imports now based on where supplies are."

 

After diplomacy took a back seat, the US has hit both civilian and military targets in Iran over the past week, with Tehran responding with attacks on US military bases in the region along with warships. The war has effectively strangled shipping through the vital Strait of Hormuz, through which around 20% of the world's oil moved before the conflict erupted at the end of February. Around half of India's crude oil used to be sourced through the strait, before a diversification strategy that now includes increased supplies from Russia and the Americas.  End

 

US$1 = INR 94.49

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

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