When it comes to international crude prices, few adages fit better than “It never rains, but pours!” After rising by 29% in the third quarter of 2023, the dated Brent price has been hovering around $90/barrel, threatening to cross the $100/barrel mark if the Israel-Hamas hostilities expand into a regional conflagration. As if this was not enough, the rise in oil tankers’ freight and the war insurance further addle this witches’ brew.
All that is bad news for India, the world’s third-largest crude importer and consumer.
