Because paper prices are one thing, and deliverables are another.
Most countries in South Asia take their oil/gas from the gulf states. If there is no oil coming from the gulf states, they don't get any oil.
The Russia situation was different because the production in Russia just got shifted, from EU towards India/Asia. It was still the same number of barrels but they went somewhere else so at the end of the day, the global barrel number stayed more or less the same, just people bought it from a different place.
Right now tho, most russian western facing infra is getting droned on a daily basis, so europe, even if it wants, it can't logistically get oil/gas from Russia in meaningful quantities, and whatever else supply russia is pushing out, it's pushing out towards China / India (as they are buying it discounted)
A lot of infra was built in Russia far east to service China.
A lot of venezuelan/iranian oil was ran through China, processed and then exported to the rest of the planet as petrochemical products for example. That is gone rn.
But yes, if 20% of the oil supply suddenly goes offline, the world isn't consuming 20% less oil overnight. They just bid available supply. There was also supply lying around on ships that traveled to places.
The main thing is that the oil processing countries can just ban the exports of diesel, gasoline, fertilizer and whatever else, which China and Russia did (both main producers). Even if your country can find oil, unless you also have a refinery that can process said oil, you are shit out of luck, thus prices of petrochemical products/feedstuff went absolutely balistic.
And don't forget that Oil did go from ~60 to like 90-100 (which is a 50% increase already).