Daily charter hire rates for tankers to India have more than doubled to $250,000 as Houthi forces seized Yemen's Mocha port near the Bab el-Mandeb Strait.
Bunker fuel prices rose 50% to $900 a tonne and insurance costs increased 20% amid escalating hostilities affecting Red Sea shipping routes.
Every $1 increase in crude oil prices raises India's annual import bill by ₹18,000 crore, posing risks to domestic inflation and economic growth.