Iran has permitted an Indian crude oil tanker to pass through the Strait of Hormuz, and the vessel has safely reached the port in Mumbai. The development came a day after India’s External Affairs Minister S. Jaishankar held detailed discussions with his Iranian counterpart Abbas Araghchi.
During a media briefing on Thursday, the Ministry of External Affairs stated that the two leaders had earlier discussed the issue of shipping safety in the region.
Iran had recently closed the Strait of Hormuz after the United States and Israel reportedly launched strikes on the Islamic Republic on 28 February. Tehran announced that any vessel wishing to pass through the strait must first obtain approval from Iranian authorities. The Islamic Revolutionary Guard Corps also warned that it would not allow “even a single drop of oil” to reach the United States through the route.
As of 12 March, Brent Crude was trading at around $100.25 per barrel.
The closure of the Strait of Hormuz has raised global concerns about energy security and oil supply, as it is one of the world’s most critical maritime chokepoints. A large share of global crude oil and natural gas shipments passes through this narrow waterway.
This latest development is being seen as a diplomatic success for India, as the country managed to secure safe passage for its vessel amid rising tensions in the region through engagement with Iran.
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