India’s average crude oil import basket price climbed above $120 per barrel in October, reaching its highest level in 14 years as the conflict in West Asia intensified geopolitical uncertainty and increased marine insurance premiums and freight costs.
The average price of India’s crude oil basket stood at $120.46 per barrel through October 26, up from $116.77 in September and $90.19 in August 2026. The October average was the highest since March 2012, when the price reached $123.61 per barrel.
On October 26, the Indian crude basket price rose further to $123.72 per barrel, reflecting mounting pressure on the country’s oil import bill.
International crude benchmarks have also surged amid concerns over supply disruptions. Global crude oil prices have risen by approximately 80 percent in 2026. On Tuesday evening, Brent crude was trading at $114.60 per barrel, while US West Texas Intermediate (WTI) stood at $100.90. Murban crude was priced at $117.70 per barrel.
The continued price surge poses a challenge for major oil-importing economies such as India, increasing exposure to higher import costs and potential pressure on inflation and domestic fuel prices. Rising shipping and insurance costs associated with the West Asia conflict are adding to the burden beyond the cost of crude itself.
