India makes first Iranian oil buy in seven years

NEW DELHI:  India has resumed importing Iranian oil for the first time in seven years, as supply disruptions linked to the Middle East conflict strain global energy markets, the oil ministry said on Saturday.

Indian refiners have purchased crude from Tehran after shipments through the Strait of Hormuz were affected by ongoing tensions, marking the country’s first such import since May 2019, when U.S. pressure led New Delhi to halt Iranian oil purchases.

The move comes as the world’s third-largest oil importer grapples with supply challenges triggered by the conflict involving the United States, Israel and Iran, which has disrupted key shipping routes and pushed up global prices.

Sources told Reuters last month that Iranian crude was being offered to Indian buyers at a premium to Brent, signalling strong demand and tight supply conditions despite sanctions.

The resumption of imports highlights India’s efforts to secure energy supplies as the crisis in the Gulf region threatens to further destabilise oil markets.