Indian refiners buying prompt Russian oil as Iran war hits supplies, according to reports

• Indian refiners buying millions of bbls of prompt Russian crude oil cargoes.

The increased purchases of Russian oil by Indian refiners reflect a shift in supply dynamics as the ongoing conflict in Iran disrupts traditional routes. This could exert upward pressure on oil prices, impacting global energy markets and influencing currencies tied to commodity revenues, particularly the ruble and rupee. Additionally, it underscores the complexities of geopolitical alliances and energy security amidst regional conflicts.