India Resumes Iranian Oil Imports After US Sanctions Relief

India is set to receive its first shipment of crude oil from Iran in seven years, following a temporary lifting of US sanctions on Iranian crude and refined products. This development, confirmed by ship tracking data from London Stock Exchange Group and Kpler, comes as India seeks to alleviate supply disruptions caused by the Middle East conflict, particularly affecting routes through the Strait of Hormuz. State-run Indian Oil Corporation has acquired the cargo, which is currently aboard the Curacao-flagged very large crude carrier Jaya, en route to India's east coast. Another carrier, the Jordan, is also signaling India as its intended discharge location. India, the world's third-biggest oil importer and consumer, had halted Iranian oil imports in May 2019 due to US pressure. The Indian oil ministry confirmed that refiners have purchased Iranian oil and are not facing any payment hurdles. This move is seen as a strategic step to secure India's crude oil requirements and enhance its energy security amidst volatile global supply conditions.