Singapore: Refineries across Asia are preparing to receive Iranian oil after the United States announced a temporary easing of sanctions, offering some relief to global energy markets under pressure.
The decision allows the delivery of Iranian crude that was already shipped before March 20. These cargoes must be unloaded by April 19. The move does not permit new oil deals or fresh exports, but it opens the door for millions of barrels already at sea to reach buyers.
The step comes at a time when global oil supply has been disrupted by tensions in the Strait of Hormuz, one of the world’s most important oil routes. The situation has slowed tanker movement and pushed oil prices higher, creating concern among energy importing countries.
India is among the countries most actively exploring the option. Its refiners are showing interest in buying the available Iranian oil, although final decisions depend on government approval and payment arrangements. With low crude reserves, India is keen to secure stable supplies.
Other Asian countries, including China, Japan and South Korea, are also watching closely. Many of them were regular buyers of Iranian oil before earlier US sanctions were imposed.
Estimates suggest that between 130 million and 170 million barrels of Iranian oil are currently stored in tankers at sea. These supplies can reach Asian markets quickly and may help ease the current shortage.
However, there are still challenges. Payment channels remain unclear due to existing financial restrictions. Some shipments are carried by older vessels, raising safety and compliance concerns. There is also uncertainty over how smoothly the deliveries will proceed.
The US move is seen as a short term effort to calm rising oil prices and prevent further strain on economies. Analysts say it may provide temporary relief, but the broader situation remains uncertain as long as geopolitical tensions continue.
For now, the return of Iranian oil offers a brief window of stability for Asian energy markets facing a difficult period.