India and the Oil Shock: How Energy Security Held Up and the Risks That Remain
A decade of diversification and strategic reserves carried India through the Hormuz crisis without rationing. But with the rupee near 96, Brent restless and a weak monsoon now a rival macro risk, this is the wrong moment for complacency.
Opinion: India imports the overwhelming majority of its crude, and half of it once transited the Strait of Hormuz. That it weathered the 2026 Iran crisis without rationing is a vindication of a decade of diversification and reserve-building. But complacency now would be dangerous — with the rupee near 96 to the dollar, Brent restless, and a weak monsoon emerging as a rival macro threat, India must press harder on reserves, renewables, domestic output and diversified routes.
