India Crude Import Bill Jumps 48% to $74.8B as Hormuz Disruption Lifts Brent Above $100

India's crude oil import bill surged 48.4% to $74.8 billion between April and August, up $24.4 billion year-on-year, despite a 0.4% decline in import volumes to 100.7 million metric tons, PPAC data showed. The increase stems from reduced Middle East flows and shipping risks in the Strait of Hormuz since the war began on February 28. Freight rates from Ras Tanura, Saudi Arabia, to India have jumped more than 400% since then. India paid 60% more for crude in the April-June quarter. Costs are set to rise further in September, with Brent crude again hitting $100 per barrel and the Indian crude import price averaging $114.80 a barrel so far this month. The Indian basket averages Dated Brent and the Oman-Dubai sour grade.