The effect of increasing tension in Middle East Asia is now visible on the world oil market as well as Europe’s oil supply. The obstruction in the movement of oil tankers through the Strait of Hormuz has increased Europe’s concern. Its impact has reached Europe’s largest ‘Rotterdam Port’ located in The Hague, Netherlands. There has been a decrease in the number of tankers filled with crude oil coming here. In NDTV’s special ground report, know how much impact the Hormuz crisis is having on this important port of Europe.
Crude oil price near $120 per barrel
According to the latest report of Petroleum Planning and Analysis Cell (PPAC), an organization of the Petroleum Ministry, on October 29, 2026, the price of crude oil (Indian basket) remained at a high level of US $ 114.6 per barrel.
At the same time, so far in the month of October, the average price of crude oil (Indian basket) has reached US $ 119.96 per barrel. Earlier in August 2026, its average price was US $ 90.19 per barrel, which increased to US $ 116.09 per barrel in September 2026.
What is Indian basket of crude oil?
The ‘Indian basket’ of crude oil includes the grades that Indian refineries import every month. It consists of a mixture of ‘sweet grade’ (Brent dated) and ‘sour grade’ (average of Oman and Dubai) crude oil.
Hormuz crisis impacts Europe’s oil and gas supplies
The impact of this crisis is not limited only to India’s oil economy, but its shadow is looming over European countries as well. Due to the ongoing uncertainty in Middle East Asia, there is continuous obstruction in the movement of crude oil and gas tankers. This is starting to affect the supply of oil and gas in Europe before the coming winter season. Due to disruption in the movement of oil tankers through the Strait of Hormuz, the number of tankers loaded with crude oil reaching Europe’s largest ‘Rotterdam Port’ located in The Hague, the capital of the Netherlands, has decreased.
The number of oil tankers arriving at Rotterdam Port decreased
Officials posted at Rotterdam Port told NDTV that due to the Strait of Hormuz crisis there has been a decline in the number of crude oil tankers arriving at this strategically important European port.
Europe imports about 97% of its crude oil needs.
According to the European Council, the European Union (EU) imports almost all the crude oil it needs. In the year 2024 this figure was around 97%. Oil has a major share in the energy consumed in the European Union. In such a situation, the ongoing crisis in Hormuz and obstruction in the movement of oil tankers has become a matter of concern for Europe’s energy supply.
Source: ndtv.in
