Reliance Buys 5M Barrels Of Iranian Crude After US Sanctions Waiver

Following a temporary U.S. sanctions waiver on Iranian oil, Reliance Industries has purchased 5 million barrels of Iranian crude from the National Iranian Oil Company, its first such deal since 2019. The oil was reportedly bought at a slight premium to Brent prices. Delivery timing is unclear, and Reliance hasn’t officially commented on the purchase.