India's Crude Import Bill Jumps About 60% as the Iran War Lifts Prices; Oil-Sensitive Stocks Slide

The value of India's crude oil imports rose about 60% in the first quarter of the 2026 to 2027 fiscal year (ending 31 March 2027) as global oil prices stayed high, a jump that threatens the government's finances and budget balance and revives inflation worries in the world's most populous country.

The latest leg up in oil came in mid-July 2026 after tensions between the United States and Iran escalated. Oil-sensitive Indian stocks fell: airline IndiGo dropped more than 3%, while state refiners HPCL lost about 4%, BPCL nearly 5% and IOC around 3.5%. About 40% of India's crude oil imports, 60% of its LNG and 90% of its LPG come from West Asia via the Strait of Hormuz.