India, July 2 -- When the Strait of Hormuz effectively closed to commercial shipping on February 28, 2026 following US-Israeli strikes on Iran, India's oil sector faced what appeared to be an existential supply shock. More than 100 days later, with the Strait still disrupted, the outcome stands clear: Not a single retail fuel outlet ran dry, not a single refinery failed to operate, and consumers saw no price escalation at the pump. This outcome resulted from over a decade of deliberate supply-chain diversification, strategic inventory management, and real-time coordination between government and industry anchored on operational discipline rather than luck.

The scale of pre-crisis exposure was substantial. Approximately 45% of India's cru...