Indian Oil Corp, the country’s top refiner, has sharply raised oil purchases from the spot markets to make up for the loss of Middle Eastern supplies, its head of finance Anuj Jain said at an analyst meeting following the June quarter earnings, Reuters reports.

“Our spot volume jumped from 50pc to almost 84pc, and the situation is very very dynamic…we keep track of the development on a day-to-day basis and try to optimise our crude sourcing,” Jain said.

Indian refiners have switched to spot purchases due to supply disruption from the Strait of Hormuz and Red Sea, after the US-Iran war began in late February.

The company relies heavily on spot purchases of Russian oil for processing at its refineries.