For India, the Return of Iranian Oil Cannot Come Soon Enough

The timing could hardly have been better for India.

After months of war-driven supply disruptions and soaring energy prices, one of the world’s largest importers of oil and gas was running dangerously low on fuel. A report released on Wednesday by the Council on Energy, Environment and Water, a New Delhi-based think tank, found that India had just nine to 10 days’ worth of oil reserves remaining. Japan and South Korea, which are similarly dependent on imports from the Persian Gulf, each held roughly 200 days’ worth.

If the preliminary agreement between the United States and Iran to reopen the Strait of Hormuz and begin lifting restrictions on Iranian oil exports holds, it offers the prospect of much-needed relief.

Few countries stand to gain more than India.

Though India’s economy is routinely hailed as the fastest-growing among the world’s major nations, it has come under increasing strain since the start of the war. Prime Minister Narendra Modi’s government has warned of hard times ahead, raised fuel prices and tightened restrictions on overseas spending. Shortages of cooking gas were felt in households immediately and parts of India’s industrial base eventually started shutting down.

Article source: https://www.nytimes.com/2026/06/19/business/india-iran-oil-imports.html