India Hesitates on US-Approved Iranian Oil as War Risks Complicate Deals

India is showing a cautious approach toward buying Iranian oil, even after the U.S. temporarily allowed limited purchases through a sanctions waiver. Despite the opportunity, Indian state-run refiners are hesitant due to multiple challenges like payment issues, shipping risks, and insurance complications linked to the ongoing Iran war. The U.S. has given a short 30-day window to buy Iranian oil that is already at sea, but this limited timeframe has made buyers uncomfortable. Many refiners prefer more stable and established supply chains instead of taking additional geopolitical risks. In fact, India is currently leaning more toward Russian oil imports, as logistics and payment systems there are already well-settled. Overall, even though supply is available, uncertainty due to war and operational risks is stopping India from aggressively buying Iranian crude. Should India take the risk and buy cheaper Iranian oil, or play safe with stable suppliers?