TEHRAN: Iran has allowed friendly nations, including India, China, Russia, Iraq, and Pakistan, to transit through the strategic Strait of Hormuz. The announcement was confirmed by the Iranian Consulate in Mumbai, with Iranian diplomat Abbas Araghchi stating that these countries would now be permitted to use the waterway.
Iran had earlier clarified that the Strait would not be fully closed, restricting passage only for countries opposing Tehran, while allowing others under specific conditions.
For India, this development carries major advantages. The country imports around 85 percent of its crude oil, with 55–60 percent coming from Gulf nations, making the Hormuz Strait a critical route. India consumes nearly 5 million barrels of oil daily, and open access ensures uninterrupted deliveries.
Regional tensions had previously driven oil prices above $100 per barrel, but safe navigation through Hormuz could help stabilize prices. Shipping costs, which had surged due to conflict-related risks, are expected to decrease, and shipments from the Middle East can now reach India within 5–10 days, improving overall supply efficiency.
The move is seen as a boost for India’s energy security, reducing both logistical and financial pressures amid ongoing geopolitical uncertainties in the region.
Comment