India’s Crude Oil Basket Hits $131: Highest Since March 2026

India’s crude oil basket has touched $131 per barrel, the highest level since March 2026. Experts believe elevated global crude rates are adding pressure for India’s oil import bill and raising concerns over inflationary risks across the board.
The Indian crude oil basket hit $131.19/bbl and experts believe the consistent rise in crude oil prices remains a concern for all. Independent analyst, Ambareesh Baliga told Times Now Digital, “elevated oil prices could raise inflation, increase import costs and weigh on the overall economy, therefore this is concerning for all.”
India’s crude oil basket reflects the average price India pays for the crude it imports, based on the mix of crude grades it buys, while Brent Crude is a global benchmark price used to track international oil prices. Brent Crude is near $106 per barrel after Saudi crude supply concerns eased.
As per a Bloomberg report, Saudi Arabia aims to restore about half the capacity of its East-West oil pipeline within days after drone attacks halted operations last week. Saudi Aramco is bypassing damaged sections to resume partial flows and expects the pipeline to return to full capacity in about six weeks.
Muslim-majority countries have condemned an attempted Houthi drone attack near the holy city of Mecca in Saudi Arabia, with several governments calling for restraint and an end to the regional escalation. As per latest reports, officials from the US met Houthi leaders over the weekend at the country’s embassy in Muscat, Oman, it has been confirmed, leading to the US decision not to intervene to help Saudi Arabia drive back a Houthi advance inside Yemen. The Houthis reassured the US that the ceasefire agreement between the two sides struck in 2025 still held and the movement had no intention of attacking US shipping in the Red Sea. Only Saudi-linked shipping was regarded as a target owing to its blockade of Yemen, the Houthis confirmed. Analysts believe elevated crude prices could continue to spike inflation and import costs, putting broader pressure on the overall economy and growth outlook.