India: Energy

Domestic

India experienced a domestic shortage of LPG, or cooking gas, leading to consumer panic and some restaurant closures. The government stated it was prioritizing household distribution and urged against panic. This situation occurred alongside disruptions to oil shipments caused by the closure of the Strait of Hormuz. Two oil tankers subsequently arrived in the country.

International

The most significant development was the United States issuing a 30-day waiver allowing India to purchase Russian oil. This action followed conflict in the Middle East, including a reported U.S. strike on Iran's Kharg Island and attacks on tankers in the Strait of Hormuz, which threatened global supplies. Ukrainian President Volodymyr Zelenskyy said the U.S. decision did not help peace, and some European allies criticized the easing of sanctions. The Kremlin stated the move was meant to stabilize markets. Indian officials asserted they buy oil based on competitiveness and do not need U.S. permission, with reports indicating India quickly purchased millions of barrels of Russian crude. Separately, a crude oil tanker was attacked in the Gulf region after an Iranian strike, killing an Indian national and pushing oil prices above $100 per barrel. India is negotiating with Iran for safe passage of its tankers through the Strait of Hormuz. In other energy developments, Canada's Cameco signed a $1.9 billion uranium supply agreement with India, and President Trump announced plans for a new U.S. oil refinery in Texas with backing from India's Reliance Industries.