Mumbai: Prolonged West Asia instability and dual chokepoint disruptions at the Strait of Hormuz and Red Sea could raise marine insurance premiums, freight costs, and transit times, impacting the profitability of Indian exporters and importers, particularly small and mid-sized firms with limited pricing power, a new report showed on Wednesday. Around 40 per cent of India's crude imports and a significant share of LNG and LPG supplies depend on Hormuz. Brent crude oil peaked at $115 per barrel in May 2026 following disruptions in the Hormuz, while simultaneous disruptions in both chokepoints could push prices to $130–135 per barrel, fuelling inflation and disrupting energy supplies, according to the report by CareEdge Ratings. Amid escalating tensions in West Asia, the Houthi movement in Yemen has threatened disruptions to maritime traffic at Red Sea and has reportedly carried out attacks on Saudi oil vessels. The Bab-el-Mandeb Strait is the only entry point to the Red Sea from the Indian Ocean and connects to the Suez Canal, forming a vital trade route between Asia and Europe.