New Delhi: India’s imports of Russian crude oil have surged this month, reaching their highest level in 10 months, according to industry data. Indian oil companies have shown a growing preference for the Eastern Siberia–Pacific Ocean (ESPO) blend, prompting Russia to raise prices for the grade. This price increase has hit China the hardest, as it remains one of the largest importers of Russian oil.
According to figures from commodity analytics firm Kpler, India imported nearly 1.8 million barrels of Russian oil per day this month so far. A significant share of this volume is the ESPO blend. Indian firms are reportedly paying a premium of 50 cents to $1 per barrel over Dubai crude prices, while Chinese buyers are being charged up to $2 more for the same blend, the report said.
Oil Prices Spike Amid Fears of Escalation Between Israel and Iran
Global crude oil prices have spiked amid escalating tensions between Israel and Iran, reversing a recent trend of declining prices. Reports of a potential Israeli strike on Iran’s nuclear facilities have triggered concern across energy markets.
- West Texas Intermediate (WTI) crude rose 0.85% to $62.56 per barrel,
- while Brent crude increased 0.76% to $65.88 per barrel.
Just days earlier, WTI had dropped below $57, and Brent was trading around $60.23 per barrel.
Tensions in the Middle East—especially between two major regional powers like Iran and Israel—have the potential to significantly disrupt oil supply chains, particularly given Iran’s status as one of the world’s leading oil exporters. The threat of conflict has amplified market concerns about supply shocks.
Adding to the uncertainty is the timing: Israel’s potential strike comes as nuclear negotiations between the U.S. and Iran are underway. Analysts believe that if these talks favor Iran, enabling it to retain or expand its nuclear capabilities, Israel may launch preemptive strikes, further destabilizing the region and driving prices higher.
