On the morning of February 28, 2026, oil traders woke up to chaos. Overnight, the United States and Israel had launched airstrikes on Iran. Within hours, Iran responded by choking the Strait of Hormuz, the narrow artery through which nearly a fifth of the world’s oil flows. Markets reacted instantly. Brent crude jumped more than 50% in March from $71, briefly touching $120 per barrel. Even now, in late April, prices remain above $105. For nearly two months, the world’s most i

With nearly half of its crude oil imports moving through the Strait of Hormuz, India appears highly exposed to disruptions in the Gulf. Yet the country’s growing imports from Russia and a broader diversification of suppliers may be quietly reducing the risk of a major energy shock.