India Shifts Oil Imports Amid US-Iran Tensions and Changing Russian Crude Dynamics

India is reducing its Russian crude oil imports, currently around 1.16 million barrels per day, while increasing purchases from Middle Eastern suppliers like Saudi Arabia, the UAE, and Qatar amid rising US-Iran tensions affecting the Strait of Hormuz. Chinese refiners are absorbing more discounted Russian and Iranian oil, leading to price competition and oil stockpiles at sea. The US Supreme Court ruling on tariffs has created uncertainty, with Indian refiners cautious but expected to maintain some Russian oil imports within legal limits.