India Resumes Oil Imports from Iran After 7-Year Hiatus

AI Summary

India has restarted oil and gas imports from Iran, marking the first purchases since 2019. This decision comes amid supply disruptions and rising energy prices linked to the U.S.-Israel conflict with Iran. India's Ministry of Petroleum confirmed that Indian refiners now secure crude supplies from over 40 countries, including Iran. A vessel carrying 44,000 metric tons of Iranian liquefied petroleum gas (LPG) has recently docked at an Indian port, indicating a strategic move to stabilize energy needs as approximately 50% of India's crude oil transits through the Strait of Hormuz.