Tanker rates to India rise by 150% amid Red Sea, Hormuz crisis

Daily tanker charter rates to India have surged 150% to $250,000 as Houthi forces seize Yemen's Mocha port and disrupt the Strait of Hormuz. Bunker fuel prices rose by 50% while insurance costs hiked by 20%. India's crude import bill hit $63.37 bn in Q1, up 56% YoY and Brent crude trades near $105/barrel.