S Jaishankar, the foreign minister of India, expressed optimism that negotiations with Iran will start to reduce maritime interruptions for the nation’s ships in the Strait of Hormuz.He told the Financial Times, “I am currently speaking with them, and my conversations have produced some results. However, he clarified that there was no “blanket arrangement” that would allow all Indian ships to navigate the crucial oil transportation canal.
Two Indian-flagged gas tankers passed through the strait on Saturday after discussions progressed between Delhi and Tehran. Twenty-two Indian-flagged vessels are still waiting for clearance to pass through the channel.
The war in the Middle East – which began after US and Israel launched wide-ranging strikes on Iran on 28 February – has led to Iran almost completely blocking ship movements through the channel. Iran has also attacked non-military targets in the Gulf, including Israel and US-allied nations.
Approximately one-fifth of the world’s oil and gas flows through the Strait of Hormuz, a small waterway that connects the Persian Gulf with the Arabian Sea between Iran and Oman.
The channel is crucial for India as roughly 40-50% of its crude oil imports come through the strait. It also carries around half of the country’s liquefied natural gas imports and most of its liquefied petroleum gas shipments.
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