India's Oil Import Costs Jump as Hormuz Crisis Sends Freight Rates Up 411 Percent

India's crude oil import bill has risen sharply since the Iran war began in late February and Iran closed the Strait of Hormuz, Oilprice.com reported. Freight rates for VLCC tankers on the Ras Tanura to India route have jumped 411 percent to 4.34 dollars a barrel in August 2026, from 0.85 dollars a barrel before the war. War risk insurance for a single Hormuz passage has climbed from about 250,000 dollars before the war to as much as 10 million dollars per crossing. Brent crude prices have risen about 25 percent since the war began and have spiked above 100 dollars on several occasions, according to the report. India paid 60 percent more for crude imports in the April to June quarter than a year earlier, and its July import bill was 41 percent higher year on year.