India Refiners May Embrace Russian Oil Again Following Iran Crisis

Indian state refiners and government officials met over the weekend to hammer out contingency plans for a crisis in Iran that has all but stopped flows through the Strait of Hormuz, a narrow waterway vital for roughly half of the nation’s oil imports.

The world’s third-largest oil importer is considering options that include turning to Russian cargoes currently loitering near its waters, according to people familiar with the discussions. India became the single most important buyer of Moscow’s seaborne crude after the invasion of Ukraine, but the country has been cutting back in response to US pressure — particularly after a US trade deal struck last month that rolled back punitive tariffs.