India's crude oil import bill has soared since the Iran war began, which choked Middle Eastern oil supply and raised benchmark crude prices. Freight rates from Ras Tanura (Saudi Arabia) to India via the Strait of Hormuz surged by 411% to $4.34 per barrel in August from $0.85 pre-war. War-risk insurance for a single Hormuz voyage also jumped from $250,000 to up to $10 million. India's crude import bill for the April-June quarter was 60% higher year-over-year, and the July import bill was 41% higher year-over-year.