India Secures Safe Passage For Tankers Through Strait Of Hormuz

Iran has allowed India-flagged oil tankers to pass through the Strait of Hormuz following diplomatic engagement between New Delhi and Tehran, as per reports. The latest development is likely to ease concerns over disruptions to India’s crude oil and natural gas shipments through one of the world’s most critical energy corridors.

Indian-flagged tankers Pushpak and Parimal successfully navigated the strait. This, even though vessels linked to the United States, Europe and Israel continued to face restrictions amid the ongoing regional conflict, people familiar with the matter said.

India Raises Oil Tanker Safety Issue With Iran

Safe passage of commercial vessels through the Strait of Hormuz figured prominently in discussions between India’s External Affairs Minister S Jaishankar and Iran’s Foreign Minister Abbas Araghchi. The two leaders spoke late Tuesday. Officials described the call as part of ongoing diplomatic engagement since tensions escalated in the region.

According to people aware of the discussions, the safety of Indian energy shipments was a key concern raised by New Delhi. The conversation marked the third interaction between the two ministers since the start of the Iran conflict. Industry watchers feel that this highlights India’s attempt to keep diplomatic channels open as the situation evolves.

Broader Diplomatic Talks

India also held talks with several other global leaders as concerns over shipping routes and energy supply chains intensified. On Wednesday, S Jaishankar spoke with:

• Sergey Lavrov, Foreign Minister of Russia

• Jean-Noël Barrot, Foreign Minister of France

• Kaja Kallas, the European Union’s foreign policy chief

The discussions focused on the impact of the ongoing crisis on global security and energy markets.

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Potential Impact On India’s Energy Market

Note that India imports a large share of its crude oil requirements from West Asia. The safe passage of Indian-flagged tankers through the Strait of Hormuz can help reduce the risk of immediate supply disruptions. It can help address immediate concerns surrounding the shortage of gas and can help stocks of oil and energy companies stabilise to some extent.

Sources:

The Times Of India

News 18