Iranian Crude Returns to Indian Shores After Seven Years

Two Iranian supertankers have reached India, marking the first deliveries in seven years. The arrivals coincide with a US waiver allowing the sale of Iranian oil already at sea, aiming to stabilize global oil prices. Buyers in India remain undisclosed, with Indian Oil confirming one purchase.

In a historic development, two Iranian supertankers have arrived at Indian ports, marking the first crude oil delivery from Iran in nearly seven years. Ship-tracking data confirmed that the tankers, Felicity and Jaya, were anchored at various strategic points on India's west and east coasts.

These shipments were made possible by a US-sanction waiver issued last month, allowing Iranian oil already in transit to be sold amid global supply concerns. The waiver comes amid heightened tensions following military conflicts involving the US and Israel, prompting efforts to ease oil price volatility.

While the specific buyers of this crude have not been formally declared, Indian Oil Corporation has acknowledged the purchase of one consignment. This move could signal potential shifts in India's oil procurement strategy as it navigates ever-evolving international relations and energy demands.

(With inputs from agencies.)