India, Pakistan Brace for Oil Price Surge, Seek New Oil Suppliers

India and Pakistan are weighing their options in case the Israel-Iran conflict disrupts oil supplies through key chokepoints. While many analysts are still not convinced that Iran can actually afford to close the Strait of Hormuz, as it has threatened, it’s a big gamble, and Indian refiners are making backup plans. Indian refiners are considering supplies from West African producers and other alternative energy sources as the world’s second-largest importer of crude grows wary of the unfolding situation. Meanwhile, India’s neighbor,…