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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
After weeks of anticipation, the United States granted a waiver allowing India to import Iranian oil, prompting middlemen to offer cargoes to Indian refiners. Sources told Reuters that intermediaries are approaching Indian refineries with Iranian crude offers after the US waiver provided a legal pathway for such purchases without sanctions exposure. The move aims to ease supply pressures in the Indian market.
India is the world's third-largest crude oil importer and had stopped purchasing Iranian oil after US sanctions were tightened in prior years. Analysts view the current waiver as limited in scope and duration, but it marks a shift in US policy toward Iran that could ripple through global oil markets. This comes as India's composite PMI for June came in at 57.4, signaling sustained economic activity and supporting energy demand.
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Sign InTraders are watching for the potential impact of increased Iranian supply on prices, especially as OPEC+ continues its production cuts. Attention will also focus on any statements from US and Indian officials regarding the extension or expansion of the waiver, which could reshape crude flow patterns in Asia.