On March 12, 2026, two oil tankers carrying roughly 3 million barrels of West Asian oil successfully arrived in India after transiting the Strait of Hormuz. Among them, the Liberia-flagged Shenlong is transporting around 1 million barrels of Saudi Arabian crude oil, while an India-flagged VLCC is carrying approximately 2 million barrels of crude from Iraq.

The arrival of these tankers has raised hopes for enhanced energy supplies to India, which relies on imports for around 60% of its liquefied petroleum gas (LPG) requirement, with 90% of these imports passing through the Strait of Hormuz.

Diplomatic Engagements

India’s External Affairs Minister, Randhir Jaiswal, noted that he and Iran’s Foreign Minister have engaged in three conversations recently. “The objective of the diplomatic engagement was to keep the sea route open for Indian vessels so that shipments of crude oil and liquefied natural gas (LPG) continue without major disruption,” he stated.

However, disruptions linked to ongoing conflicts involving the US, Israel, and Iran, along with instability around the Strait of Hormuz, have triggered a shortage of commercial LPG in India. This situation has particularly affected the hospitality sector, which relies heavily on stable LPG supplies.

Market Response

On the same day, the Indian Oil Corporation (IOC) recorded a total traded volume of 56,34,938 shares. The stock opened at ₹157.40, reflecting a 2.01% decrease from the previous close of ₹160.63. The last traded price was ₹157.20, indicating a day’s loss of 1.43%. IOC currently holds a market capitalization of ₹2,26,928 crores.

Future Considerations

Details remain unconfirmed regarding the exact permission status from Iran for the two oil tankers to cross the Strait of Hormuz. Observers are also concerned about the long-term implications of the current disruptions in LPG supply, as India navigates its energy security amidst these challenges.

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