First Iranian Tankers Reach India Since 2019 Sanctions Cutoff

Two Iranian tankers loaded with crude oil have arrived in India, Bloomberg has reported, in what is the first shipment of Iranian crude to the subcontinent in seven years. The two carry a total of 4 million barrels of oil. The buyers have not been specified, Bloomberg noted. The shipments were made possible by a U.S. waiver on sanctions against Iran’s oil industry in a bid to alleviate an increasingly worrying shortage in global markets amid the war between the U.S. and Israel, and Iran, which prompted the latter to close off the Strait of…