September 5, 2026: India’s benchmark crude basket has climbed close to $100 a barrel amid renewed hostilities in West Asia, sharpening pressure on the country’s oil import bill even as global Brent prices remain below the Indian reference price.

The Indian Crude Basket stood at $99.35 a barrel on September 2, while the September average has risen to $97.32 a barrel, according to Petroleum Planning and Analysis Cell data. That is 7.9% higher than August’s $90.19 and 18.6% above July’s $82.04. The basket had averaged $114.48 in April before easing to $106.23 in May and $83.22 in June.

The rise comes as crude markets turn volatile again after fresh US military strikes along Iran’s southern coast and Iranian retaliation revived concerns over oil supplies from West Asia. Brent crude futures were up 59 cents, or 0.62%, at $96.22 a barrel at 1327 GMT, while WTI rose 78 cents, or 0.86%, to $91.79. Both benchmarks were heading for a fourth consecutive session of gains.

The latest Indian basket reading is more than $3 a barrel above Brent, underscoring that headline Brent prices do not fully capture the crude-cost environment relevant to Indian refiners. The Indian basket is a derived benchmark comprising sweet crude represented by Dated Brent and sour crude represented by the Oman-Dubai average

(Source: Financial Express)