India’s Crude Oil Benchmark Tops $100 as Middle East War Escalates

India’s average crude import price soared to above $100 per barrel at the end of last week and is set to further rise this week as international crude prices rallied amid intensified hostilities in the Middle East.

The so-called Crude Oil FOB Price, or the Indian Basket of average sweet and sour grades, surged to $101. 07 per barrel on Friday, topping the $ 100-a-barrel threshold for the first time since May, data by the Indian Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) showed.