On March 12, 2026, two oil tankers carrying roughly 3 million barrels of West Asian oil arrived in India, marking a significant development for the country’s energy supply amid ongoing geopolitical tensions.

One of the tankers, the Liberia-flagged Shenlong, is transporting around 1 million barrels of Saudi Arabian crude oil, while the other, an India-flagged VLCC, carries approximately 2 million barrels of crude from Iraq.

The arrival of these tankers has raised hopes for more 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.

In light of recent disruptions in LPG supply that have affected the hospitality sector in India, the Indian government is actively negotiating with Iran for the safe passage of vessels headed to India. External Affairs Minister Randhir Jaiswal noted, “The External Affairs Minister and the Foreign Minister of Iran have had three conversations in recent days.”

The objective of this diplomatic engagement is to ensure that the sea route remains open for Indian vessels, allowing shipments of crude oil and LPG to continue without major disruption.

Disruptions linked to the ongoing conflict involving the US, Israel, and Iran, along with instability around the Strait of Hormuz, have triggered a shortage of commercial LPG in India. Prime Minister Modi has reportedly stressed that these challenges stem from global developments and are not unique to India, assuring that the government is prepared to handle any disruptions effectively.

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

Details remain unconfirmed regarding the exact permission status from Iran for the two oil tankers to cross the Strait of Hormuz. Additionally, the long-term implications of the current disruptions in LPG supply remain uncertain.

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