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Middle East conflict escalates, India's crude oil benchmark price surpassed $100 last Friday, reaching a new high since May.
According to data from India's Ministry of Petroleum, the average price of crude oil imports into India (the "Indian basket of crude oil" benchmark) surged to $101.07 per barrel last Friday, breaking the $100 mark for the first time since May, due to escalating conflict in the Middle East. As of this Monday, the average price of the Indian basket of crude oil since September is $99.38 per barrel, higher than $83 in June, $82 in July, and $90 in August. Over a week of ongoing exchanges between the US and Iran has led to a renewed escalation of tensions in the Middle East, increasing shipping risks in the Strait of Hormuz. Freight rates on the critical route from Ras Tanura, Saudi Arabia, to India have risen by over 400% since the outbreak of hostilities on February 28.
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