The de facto shutdown of the Strait of Hormuz — with tanker traffic collapsing to fewer than 10 vessels a day in March from about 135 in February — is triggering a fresh supply shock for India. Over 90% of the country’s LPG imports, 50–55% of crude inflows and nearly 60% of LNG supplies routed through the critical energy corridor are at risk. The disruption has already begun to choke supply flows. Middle East crude loadings have fallen sharply to 7.4 million barrels per day from 17.3 million bpd, tightening availability and forcing Indian refiners to turn to alternative, costlier sources. “Global energy markets are under severe stress… the Strait is a key energy artery,” said Pulkit Agarwal of S&P Global Energy, pointing to both immediate supply shortages and longer-term geopolitical risks.