Strait of Hormuz

Around one fifth of global crude flows through the strait, where insurance costs once stood at 0.25 per cent of vessel value but are now rising sharply, threatening overall voyage economics and wider energy markets.

Years of deliberate planning under Modi’s government have paid off. They didn’t just talk about diversifying oil supplies; they actually did it, methodically spreading their sources far and wide to protect their interests if Strait of Hormuz closes.