Beyond Hormuz

The geopolitical shock created by the Iran conflict is forcing countries far beyond West Asia to confront an uncomfortable reality: energy security can no longer be built around a single region, a single route or a single set of political assumptions.

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For India, the renewed importance of Venezuela is less a story about one oil supplier and more a reflection of a changing global energy map.

For decades, India’s economic growth has depended on a steady flow of imported crude. That dependence has become increasingly vulnerable to events beyond its control. The Strait of Hormuz, through which a substantial portion of India's oil imports pass, has long been recognised as a strategic chokepoint. Yet policymakers and markets alike often treated disruption there as a theoretical risk. The present crisis has transformed that risk into a practical concern.