India

India faces significant vulnerability with an 88% oil import dependency, exacerbated by direct exposure to the disrupted Strait of Hormuz, through which 85% of its oil needs are imported. Gasoline prices at $1.42/L are straining government budgets due to subsidies, while an 82% increase in fertilizer costs threatens agricultural stability and food security. With 65 days of oil reserves, India has some short-term buffer, but the ongoing global supply crunch and high Brent crude prices will continue to pressure its economy. The outlook for coming weeks suggests sustained fiscal strain and potential for domestic price inflation if subsidies become untenable.