New DelhiIndia’s crude basket hit $101.07 a barrel Friday.
The country importing 85% of its oil now pays a war premium it played no part in.
Shipping rates from Saudi Arabia to India rose over 400% since Iran shut the Strait of Hormuz in February, the oil ministry said.
India’s July import bill already ran 41% above last year, with September’s average still climbing.
Sources: Yahoo! Finance