The risk to oil shipping disruptions through the Straits of Hormuz has risen after the Iranian National Guard seized a British tanker. A full scale conflict isn’t needed to interrupt exports from countries “inside” the Straits – Iraq, Kuwait, Qatar, Saudi Arabia and the UAE – when interdiction or insurance issues will suffice. India is particularly exposed to such risks given 58.7% of its oil imports came from the five states in the 12 months to Apr. 30. The most exposed is Hindustan Petroleum with 76.3% of its imports coming from the region over the same...