India's Crude Oil Benchmark Surpasses $100 Amid Middle East Tensions
India’s crude oil benchmark price exceeded $100 per barrel for the first time since May, reaching $101.07 on Friday due to rising international prices driven by escalating conflicts in the Middle East between the United States and Iran. The Indian Basket of crude oil is calculated from a mix of Brent sweet-grade and Oman/Dubai sour-grade benchmarks imported into India. As of early September 2026, the average price was $99.38 per barrel, up significantly compared to previous months like June ($83), July ($82), and August ($90). The surge is attributed to heightened geopolitical tensions disrupting oil flows from the Middle East and increasing shipping risks in the Strait of Hormuz. India's crude import bill has risen sharply due to both higher prices and reduced supply. Freight rates on key routes have increased by over 400% since February, when hostilities began. In Q2 (April-June), India paid 60% more for oil imports compared to the same period in 2025, with costs continuing to rise into July.
Topics: crude oil India Middle East conflict oil prices