India's crude basket jumps 11% to $103.33 amid supply disruptions
India's crude oil basket jumped 11% in a single day to $103.33 per barrel, its highest in two months.
This spike comes after global supply routes were disrupted by the closure of the Strait of Hormuz and attacks on ships in the Red Sea.
Even Brent crude, the international benchmark, crossed $100 before settling at $97.08.
India imports nearly 90% crude oil
With India importing nearly 90% of its crude oil, these global price jumps quickly impact what we pay for gasoline and diesel here.
Diesel prices climbed to an average of $129.8 per barrel in July (up from June), while gasoline dipped slightly but stayed high at $103.3 per barrel.
If these trends continue, we could see higher fuel prices ahead, just like back in May when rates went up by nearly ₹7.5 per liter to help offset losses for oil companies.