India Holds Off Middle East Crude Buys Despite Hormuz Reopening

India is not rushing to resume large-scale Middle Eastern crude purchases even after the Strait of Hormuz reopened, as refiners hold two months of supply and rely on Russian and alternative cargoes. The shift follows Brent crude’s drop below $80 per barrel to a three-and-a-half-month low, which has yet to reach Indian pumps due to shipping and processing lags. Import costs surged sharply, with the May oil and gas bill jumping 81.6% year-over-year to $18.7 billion, prompting four retail price hikes and energy-conservation measures. The latest development signals muted near-term demand recovery for Persian Gulf barrels.