Oil shock era is over. India doesn’t need to fret over US tariff threat
- Swaminathan Anklesaria Aiyar
- Updated: Jul 18, 2026, 18:42 IST IST
US and Iran are firing at one another again. Shipping through the Gulf of Hormuz has slowed to a crawl. The price of benchmark Brent crude is up from $72.6/barrel after the ceasefire to over $85/barrel. And 60 Senators have signed a bill proposing a 100% import duty on five countries, including India, that buy oil from Russia.
Some energy experts say complacency about the truce was always unwarranted, geopolitical risks now overwhelm markets, and economic distress is nigh. Their prescription is familiar: diversify supplies, acquire overseas oilfields, expand domestic production and pursue ‘energy independence’.
