The shutdown of the Strait of Hormuz following the war in Iran has delivered a harsh lesson to global energy markets: the waterway carries far more than crude oil. Beyond crude and natural gas, the Middle East anchors key downstream fuel flows that sustain entire national energy systems. Nowhere is that dependence clearer than in India, where the liquefied petroleum gas (LPG) market relies overwhelmingly on supplies from the Gulf. Middle Eastern suppliers account for roughly 90% of India’s LPG imports, a figure that becomes even more striking…