The working vocabulary at the recent ASEAN Foreign Ministers’ Meeting, as in every capital that trades for a living, was de-risking and diversification. It is sensible vocabulary, but it is doing less work than it appears to. India is the natural place to examine this vocabulary, because it has already diversified. Those redirected cargoes, however, leave through Bab el-Mandeb, a corridor that has deteriorated sharply this month, leaving Middle Eastern seaborne crude with progressively fewer exits. The Russian barrels that now make up roughly half of India’s crude intake are no better insulated.