India pays more for Russian oil as Hormuz Strait shipping stops

The price of Russian oil delivered to India has hit a record high, and the discounts India gets on that oil are at a four-month low. This is happening because the flow of oil through the Strait of Hormuz, a major global shipping route, has come to a halt.

India's imports of Russian oil have already jumped by 50% due to the disruption. Analysts say India may buy even more Russian crude if the crisis at the strait continues, as it looks for alternative supplies.