Tanker rates to India double 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 50% and insurance costs 20%. India's crude import bill hit $63.37 bn in Q1, up 56% YoY. Brent crude trades near $105/barrel.