The West Asia conflict has led to a surge in global energy prices. While brent crude prices have averaged at $98/bbl in March 2026 so far (up to March 25, 2026), up from $68/bbl in February 2026, the average price of the Indian basket of crude oil has risen significantly to $125.7/bbl in the ongoing month from $69/bbl in the previous month. The differential between the two has risen quite sharply, although this is largely because the price of the Indian Basket assigns a large weight to the Oman and Dubai crude varieties, the prices of which have risen much more than Brent, owing to the conflict. 

Besides, natural gas prices (JKM) have also risen quite sharply, surpassing $20/mmbtu on March 18, 2026, nearly double the levels seen a month ago.

*The Indian basket of Crude Oil represents a derived basket comprising of Sour grade (Oman & Dubai average) and Sweet grade (Brent Dated) of Crude oil processed in Indian refineries, in the ratio of 78.71 : 21.29. This does not reflect the average price of India’s crude oil imports; JKM: Japan Korea Marker; Source: CMIE; ICRA Research