How is the escalating war between Houthis and Saudi Arabia impacting oil market and India?

Does this persistent geopolitical uncertainty and volatility in the market impact India?

Given India’s dependence on oil imports, uncertain supplies and price volatility affect the Indian economy. Nearly 90% of India’s oil requirement is imported. Traditionally, about 60-65% of India’s oil imports came from West Asia, a share that has now declined drastically. Along with supply constraints, volatility and uncertainty in the region keep prices elevated, thereby impacting major importers like India. The import bill in the last fiscal stood at around $123 billion, and a $1-per-barrel increase over a year may raise the country’s annual import bill by ₹18,000 crore. Already India has imported crude worth $74.85 billion in the first five months of this fiscal (FY27), about 48% the of the total import bill of FY26. An increase in the import bill is set to exert inflationary pressure if higher costs are passed on to downstream products and consumers, thereby impacting gross domestic product (GDP) growth, or it may widen the country’s current account deficit.