India's refined product exports surge, aiding Asia's fuel crisis amidst geopolitical tensions and rising crude prices.

The renewed disruption to traffic through Hormuz has once again choked off regional exports, threatening hopes for a recovery in Asian or Middle Eastern refinery activity.

Tight mandates remain in place to protect domestic energy security amid a resurgence of war in the Middle East.

Prolonged conflict in West Asia can lead to a bigger fuel price rally this time, with India’s emergency oil reserves significantly depleted