How Russian crude prices swung as India stepped up procurement amid US-Iran war

AI Summary

Russian crude prices fluctuated as India increased crude oil procurement amidst the effective closure of the Strait of Hormuz due to US-Iran tensions in early March. Tankers carrying crude from Gulf producers were stranded, compelling refiners to urgently seek alternative supplies.

The effective closure of the Strait of Hormuz in early March left tankers carrying crude from Gulf producers stranded in the Persian Gulf, forcing refiners to urgently secure alternative supplies.