India walks tightrope ...
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Any prolonged disruption to the Strait of Hormuz therefore carries consequences far beyond the immediate conflict.
The waterway is a critical artery for global energy markets. Before the war, it handled roughly one-fifth of global oil and LNG shipments. With shipping through the Strait severely reduced, the disruption has already raised concerns about energy prices, freight costs and the reliability of supply chains. The United Nations has warned that a return to full-scale hostilities could have "catastrophic consequences" for the global economy and has repeatedly called for the restoration of freedom of navigation.
For India, every additional day of disruption increases the economic risks.
Higher oil prices would widen India's import bill, increase demand for dollars and put pressure on the rupee. More expensive energy could also feed into inflation and raise transportation and production costs.
But India's vulnerability goes beyond oil prices. A prolonged crisis around Hormuz could affect shipping insurance, freight rates and the availability of vessels. It could also disrupt the movement of other commodities, including LNG and petrochemicals. For an economy as dependent on imported energy as India's, the difference between a temporary disruption and a prolonged crisis could be substantial.
India also has little interest in a wider regional war that could destabilize the Persian Gulf, threaten the safety of millions of Indian workers and push energy prices sharply higher.
India's position is therefore not simply about choosing between Washington and Tehran. It is about protecting a set of interests that sometimes overlap with both sides and sometimes do not.
For India, the stakes are therefore no longer limited to the price of oil. They extend to the safety of nearly 10 million Indians in the Persian Gulf, the security of vital trade routes, the stability of its energy supplies and its ability to maintain strategic relationships with countries on opposing sides of the conflict.
New Delhi is drawing a red line around the safety of its citizens and the freedom of commercial navigation, while keeping another door open: the door to diplomacy.