India's crude imports fall 17% in March amid U.S.-Israel-Iran tensions

Amid heightened tensions between the U.S., Iran, and Israel, India's crude oil imports fell by 17% in March due to disruptions in global supply chains and the closure of the Strait of Hormuz. Despite rising average prices, the drop in import volumes led to a decrease in the overall import bill. State-run HPCL significantly increased its profits during the period.