U.S. Blockade of Hormuz Straits Intensifies India's Energy Crisis Amid Expired Russian Oil Waiver
The United States has initiated a blockade of the Strait of Hormuz, a critical oil passage, in response to failed peace negotiations with Iran. This action has significant implications for India, which recently resumed importing Iranian oil after a seven-year hiatus. The blockade coincides with the expiration of a U.S. waiver that allowed India to purchase Russian crude oil, further straining India's energy supply. India, which imports over 85% of its crude oil, is now facing a supply squeeze as it loses access to both Iranian and Russian oil. The situation is exacerbated by the ongoing conflict in the Middle East, which has already impacted India's economic indicators, including a slowdown in private sector activity and increased inflationary pressures. 
