New Delhi, March 8 -- The escalation of the West Asia conflict, resulting in the assassination of Iran's supreme leader, the choking of the Strait of Hormuz, and Iran's retaliation on neighbouring countries, has triggered the kind of macro shock markets dread.

Nearly 20% of global oil flows through the Strait, and disruptions have already pushed crude sharply higher to $87 a barrel and rattled global supply chains.







For India, the implications are particularly stark. The country imports almost 90% of its crude oil requirements, and about half of those imports transit through Hormuz. India's crude buffer stands at only about a month, well below the 6-8 months for China, Japan, and Korea.

While there are reports claiming that Indian...