New Delhi, June 23: For India, which reportedly holds crude reserves for 90 days, Saudi Arabia’s ability to reroute crude exports via the Red Sea offers a layer of supply continuity amid the Strait of Hormuz uncertainty, according to a report on Monday.

While India sources 18–20 per cent of its crude from Saudi Arabia, the Petroline-Yanbu corridor ensures that a significant portion of these volumes could still reach Indian refiners even if the Hormuz route is disrupted.

“Although some logistical constraints and higher freight costs may persist, Saudi’s diversified export infrastructure, combined with India’s flexible sourcing strategy, reduces the likelihood of a sharp supply shortfall from this key partner,” said the report from Yes Securities.

With Iran’s Parliament approving a potential closure of the Strait of Hormuz following US strikes on its nuclear sites, energy markets face rising disruption risk at the world’s most critical oil artery.

For India, which sources more than 35 per cent of crude and 42 per cent of LNG through the strait, the near-term threat lies in supply delays and freight escalation.

“However, India’s evolving import mix provides a strong cushion – Russian inflows (2.2 million barrels of oil per day, or mb/d, in June) now exceed combined Middle East supplies, and additions from the US, West Africa, and Latin America bypass Hormuz entirely,” the report contended.

India imports 5.5 mb/d of crude, with 2mb/d (over 35 per cent) from the Middle East transiting the Strait of Hormuz.

Despite this logistical exposure, India’s crude sourcing strategy has materially evolved since 2022.

“Russian imports now exceed those from all Middle Eastern suppliers combined. Additions from the US (0.44mb/d), Brazil, West Africa, and even Latin America offer alternate routes bypassing Hormuz via the Suez, Cape of Good Hope, and Pacific Ocean. India could ensure that supplies increase from Russia, the US and others,” the report mentioned.

While fears of a total closure have resurfaced, historical precedent suggests that Iran is unlikely to fully blockade Hormuz.

Doing so would hurt its own crude exports (96 per cent routed via Kharg Island), alienate key partners like China (its largest buyer), and provoke coordinated military retaliation.

“Experts peg the probability of a full closure as ‘very low’, with likely scenarios involving short-lived disruptions (24-72 hours). However, these disruptions could still inject significant volatility, tighten tanker availability (already visible in the drop in Middle East and Gulf (MEG) bound empty tankers), and induce risk premiums in oil and product markets,” the report said.

Kyiv, June 23: A Russian drone and missile attack on Ukraine’s capital overnight killed at least nine people and injured others, according to local officials, as rescue workers and firefighters sought to remove people they believed trapped under debris in a partially collapsed apartment building.

Elsewhere in Ukraine, a Russian short-range drone attack killed two people and wounded 10 more in the Chernihiv region late Sunday night, authorities said. According to the regional administration head, Viacheslav Chaus, three children were among the wounded.

Another person was killed and eight wounded overnight in the city of Bila Tserkva, around 85 kilometers (53 miles) southwest of the capital.

The strikes came nearly a week after a combined Russian attack on Ukraine last Tuesday killed 28 people in Kyiv, 23 of them in a residential building that collapsed after sustaining a direct hit by a missile. Ukrainian President Volodymyr Zelenskyy called that attack one of the biggest bombardments of the war, now in its fourth year.

In the early hours of Monday, drones and missiles hit residential areas, hospitals and sports infrastructure in numerous districts across Kyiv, emergency services said, with the most severe damage occurring in the Shevchenkivskyi district, where one section of a five-story apartment building collapsed.

Kyiv Mayor Vitali Klitschko said six people were confirmed dead in the Shevchenkivskyi district. Ten others, including a pregnant woman, were rescued from a nearby high-rise that also sustained heavy damage in the blast.

Dozens of vehicles, some burned out and others mangled by flying debris from the blast, formed a snarl in the courtyard in front of the building, which had collapsed down to the second floor.

Onlookers, some wrapped in blankets, watched tearfully as the cleanup operation took place. Dozens of volunteers worked to remove broken glass, downed tree branches and other debris.

Klitschko told reporters from the scene that “we very much hope that the death toll will not increase,” but that rescue workers were still searching the collapsed building for further casualties.

Russia fired a total of 352 exploding drones and decoys overnight, Ukraine’s air force said. Russia also launched 11 ballistic missiles and five cruise missiles. Air defences intercepted or jammed 339 drones and 15 missiles before they could reach their targets, the statement said.

Meanwhile, Russia’s Defence Ministry said its air defences shot down 23 Ukrainian drones overnight into Monday.

Srinagar, June 23: Here is a dose of top headlines and key moments from the past week.

Iran-Israel conflict: Cong asks govt to show moral courage, slams it for not condemning US

US President Donald Trump’s decision to unleash American air power on Iran makes a “mockery” of his own calls for the continuation of talks with Iran, the Congress said on Monday and slammed the Modi government for neither criticising nor condemning the US bombing and Israel’s aggression.
Congress general secretary in-charge communications Jairam Ramesh said President Trump’s decision to unleash US air power on Iran makes a mockery of his own calls for the continuation of talks with Iran.

Pahalgam terror attack: NIA arrests 2 for harbouring LeT terrorists, confirms identities of attackers

In a major breakthrough in the Pahalgam terror attack case, the National Investigation Agency (NIA) has arrested two men for harbouring the terrorists who had carried out the horrendous attack that killed 26 innocent tourists and grievously injured 16 others, Officials said.

CM Omar Abdullah expresses joy over ‘bustling’ Pahalgam

Jammu and Kashmir chief minister Omar Abdullah on Sunday expressed joy over ‘bustling’ activity in Pahalgam after a gap of two months.
He said the tourists from various parts of the country are competing for space with local picnickers who are enjoying cool and rainy weather conditions.

Iran’s Parliament approves closure of Strait of Hormuz after US attacks on nuclear facilities

The Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints, a day after US strikes on Iran’s nuclear facilities, according to media reports.
Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council and leader Ayatollah Ali Khamenei.

Kashmiri Hajis’ stay cut short amid flight restrictions; 640 pilgrims affected

Around 640 Haj pilgrims from Kashmir have been affected after authorities cut their stay short due to rescheduling of return flights. The pilgrims have urged the Government of India and the J&K administration to intervene, claiming that this restriction applies only to Kashmiris.
A group of Hajis expressED dismay over the situation, “Our days have been cut short, and it feels like this is being done only with Kashmiris. We came with the understanding that we would stay for the allotted period, but now we are being forced to return early,” one of the Hajis said.

1428 Indian nationals so far evacuated from Iran

India continues its Operation Sindhu, evacuating Indians, Sri Lankans and Nepalis from Iran. Randhir Jaiswal, spokesperson , MEA said “311 Indian nationals arrived in New Delhi on a special flight from Mashhad at 1630 hrs on 22nd June. 1428 Indian nationals have now been evacuated from Iran”.

Stock markets tumble in early trade amid worsening tensions in Middle East

Equity benchmark indices Sensex and Nifty tumbled in early trade on Monday amid heightened tensions in the Middle East after the US bombed three major nuclear sites in Iran.
The 30-share BSE Sensex tumbled 705.65 points to 81,702.52 in early trade. The 50-share NSE Nifty dropped 182.85 points to 24,929.55.