India Halts Iraqi Oil Loadings as Strait of Hormuz Becomes Too Dangerous
India's largest state-owned refiners, Indian Oil Corp. and Mangalore Refinery & Petrochemicals, have suspended crude loadings from Iraq due to escalating attacks on commercial tankers in the Strait of Hormuz. Indian Oil abandoned plans to load the VLCC Lila Jamnagar, deeming the risk of transiting the chokepoint with a 2-million-barrel cargo unacceptable. The Indian shipping ministry has also banned Indian seafarers from vessels transiting Hormuz. This disruption accelerates India's shift to alternative suppliers: Russian crude imports are near record highs at 2.45 million barrels per day, while UAE and Saudi supplies remain resilient due to pipeline bypasses. Iraq, lacking such alternatives, faces stranded supply. The crisis has pushed Brent crude above $90 per barrel, compounding risks from Houthi naval blockades in the Red Sea. India, which imports over 85% of its oil, is not yet short of crude but faces a strategic realignment away from Middle Eastern dependence.
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