August 15, 2026: Indian state-owned refiners are rushing to procure spot crude unusually far in advance as Ukrainian attacks on Russian energy assets and a stalemate over the Strait of Hormuz make supplies increasingly uncertain.

Processors, including Indian Oil Corp. and Hindustan Petroleum Corp., have already tied up some supplies until October and are now seeking cargoes for as far ahead as November, according to people familiar with the matter. Typically, these companies buy spot supplies just a month or two in advance.

The buying spree by the world’s third biggest oil importer underscores mounting concerns over supplies from Russia, which have plunged to the lowest since May after a wave of Ukrainian attacks on the country’s energy and ports infrastructure. Russia has become India’s biggest crude supplier in recent years, accounting for about half of purchases by state-run refiners.

Middle Eastern oil exports remain well below normal as peace talks between the US and Iran are deadlocked and a full reopening of Hormuz is uncertain. Hardening positions in Washington and Tehran have dimmed hopes for a breakthrough, while Iran’s attacks on two UAE ships on Friday may further cloud prospects.

HPCL bought about 4 million Middle Eastern barrels for October delivery that don’t require passage through the Hormuz, while Mangalore Refinery & Petrochemicals Ltd. booked West African oil arriving in the same month. the country’s biggest refiner Indian Oil is also out to buy October supplies.

Indian companies and are preparing to issue more tenders in the coming weeks after having bought some October cargoes, the people said, asking not to be named due to the sensitivity of the matter. Some volumes for November delivery have also been ordered, they added.

(Source: Bloomberg)