Around 80 million barrels of crude oil await transit through the Strait of Hormuz as a tentative US-Iran peace deal restores shipping. Oil prices have eased, inflation may moderate, and new Iranian regulations now require advance permits, registration, and insurance for vessels
Reliance Industries confirmed it has not received Russian crude for nearly three weeks and expects none in January, halting imports at its SEZ refinery to comply with EU sanctions, amid reports linking three tankers to its Jamnagar complex