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Strait of Hormuz Closure Sent Oil to $144 a Barrel — So Why Didn't Prices Explode?
Times of India·Friday, 17 July 2026
Brent crude prices briefly surged to around $144 per barrel after the Strait of Hormuz closure before easing as markets adjusted. Despite this supply shock, prices did not reach the inflation-adjusted highs seen during the 1973 Arab oil embargo or the 1990 Gulf War. The Asian Development Bank noted this in a report on the crisis.
Why It Matters
India imports most of its crude oil, so global oil price spikes directly affect fuel prices, transport costs, and inflation for ordinary Indians.
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