India’s Oil Crisis Deepens as Hormuz Remains Shut

India’s economic pains are intensifying every day that the Strait of Hormuz remains closed. Two and a half months after the Middle East conflict began, one of the highest-performing emerging markets in recent years and the world’s third-largest crude oil importer is scrambling to contain the oil shock that is spreading to consumer prices, foreign exchange reserves, and economic growth. Since the war began and cut off over 40% of India’s crude oil flows, those that passed through the Strait of Hormuz, one of the highest-flying…