Every time the Gulf turns unstable, India’s attention goes to one narrow stretch of water between Iran and Oman: Strait of Hormuz. That’s only to be expected, as around a fifth of the world’s seaborne oil moves through it, and crude is India’s most visible import. It is also the route for crucial LNG supplies from Qatar. For an oil-importing country, Hormuz is thus crucial. If crude rises, the first-order impact is on fuel, refining economics,