Crude oil prices jumped sharply on Friday, with Brent hovering around $78 a barrel before cooling a bit, posing a challenge to India’s energy supplies and a potential price shock. India imports as much as 88% of its crude oil requirements — much of it through the vulnerable Strait of Hormuz. The country also imports nearly 50% of its natural gas consumption, a large portion coming from West Asia. Iran produces around 3.3 million barrels of crude oil a day, around 3% of global supply and exports about 1.5 million barrels a day, with China being the main importer (80%) followed by Turkey.