First India-bound oil tanker crosses Strait of Hormuz to Mumbai

Financial outlets focus on how the partial Hormuz closure and limited Indian exemptions are driving up crude prices and threatening LPG supplies in India. They report that India faces a domestic LPG shortage and is racing to secure shipments, while traders warn that a prolonged closure could push oil toward $150 per barrel. They expect continued price volatility until there is clarity on whether Iran will reopen the strait more widely or keep traffic tightly restricted.

• •India has secured safe passage for at least two LPG tankers through Hormuz to ease domestic shortages.
• •Crude oil futures turned higher after it became clear that Hormuz remained largely closed.
• •Market commentators warn that a 4–8 week closure of Hormuz could drive crude prices to around $150 per barrel.
• •Global shipping companies are rerouting vessels or pausing sailings because of the risk around Hormuz.
• •India’s energy import costs are rising as it competes for limited LPG and oil cargoes.