The West Asia war and the resultant closure of the Strait of Hormuz—currently without an end in sight—is turning out to be a lot more disruptive for global oil flows than initially anticipated, raising concerns all over the world, particularly for large oil importers like India. This crisis is a serious headache for India, the world’s third-largest consumer of crude oil, with an import dependency level of close to 90%, making the economy and the country’s forex reserves vulnerable to oil price shocks. About 40% of the country’s oil imports used to come via the Strait of Hormuz. While the country has managed to secure adequate crude oil volumes from non-Gulf suppliers and has not faced any oil supply disruption, Indian refiners have been paying for the oil through their nose, spending valuable foreign exchange.…