Iran will shift from “reciprocal hits” following attacks to sustained strikes on its adversaries and the US will not be able to control oil prices, a spokesperson for Tehran’s Khatam al-Anbiya military command headquarters said on Wednesday.
“We won’t allow even one litre of oil to reach the US, Zionists (Israel) and their partners. Any vessel or tanker bound to them will be a legitimate target,” Reuters quoted Ebrahim Zolfaqari.
“Get ready for the oil barrel to be at $200 because the oil price depends on the regional security which you have destabilised,” he added.
India’s Russian oil buy surges 50%
In a separate development, India’s purchase of Russian crude oil has surged 50 per cent in March as New Delhi tapped alternate sources to make up for the shortfall arising from disruption in the Middle East amid a widening military conflict, PTI reported.
India bought about 1.5 million barrels of Russian oil this month, up from 1.04 million bpd in February, ship tracking data showed. India, the world’s third-largest crude importer, sources 88 per cent of its oil needs from abroad. It consumes 5.8 million barrels per day, of which 2.5-2.7 million barrels came from Middle East countries like Saudi Arabia, Iraq, and the UAE via the Strait of Hormuz.
The chokepoint also carried 55 per cent of India’s cooking gas (LPG) and 30 per cent of liquefied natural gas (LNG), used for power, fertilizers, CNG, and household cooking, as per PTI.
The ongoing conflict has largely halted shipments through the strait, forcing India to seek alternative crude sources from Russia. “India was expected to import around 2.6 million barrels per day of crude via the Strait of Hormuz in March. At the same time, we are seeing a notable pickup in Russian barrels.
“Based on vessel tracking and credible market sources, incremental Russian crude imports in March could reach 1-1.2 million bpd (over and above the February volumes), which means the effective shortfall from Hormuz exposure narrows to around 1.6 million bpd,” said Sumit Ritolia, analyst at Kpler.
In 2025, India’s net refined product exports averaged around 1.1 million bpd. Additionally, there has been a strong push to diversify crude sourcing from alternative suppliers, PTI report stated.
“Crude supply risk can be partially mitigated through diversification, and Russia flows. Refined product supply remains relatively comfortable,” he said, adding LPG availability is the real variable to monitor in the coming weeks.
India consumes around 1 million bpd of LPG. Only 40-45 per cent is produced domestically, the remaining 55-60 per cent is imported. Of these imports, around 80-90 per cent typically transit through the Strait of Hormuz, making the supply chain particularly sensitive to disruptions in the region. (With Agency Inputs)
