For the first time since the start of the war in West Asia, India-flagged ships may again transit through the war-hit Strait of Hormuz.
The government is planning to send vessels to the waterway to load crude oil and gas from supplier countries in the Gulf region, The Economic Times reported.
While it is not clear whether the Indian government has received a green signal from the United States or Iran for sending commercial vessels through the Strait, the Shipping Corporation of India is prepared to send ships.
However, the state-owned company is waiting for approval from the Indian Navy.
Foreign Minister S Jaishankar met his Iranian counterpart, Abbas Araghchi, in New Delhi on the sidelines of the BRICS summit last week.
Currently, both the US and Iran have blocked the Strait. India will have to ensure approval from both countries to secure safe passage through the conflict-hit region.
The Strait has remained blocked since the start of the war in late February. Oil prices have surged more than 60 percent since then.
However, United States President Donald Trump on Tuesday said that oil prices will “plummet” as the Iran war is going to end “very quickly”.
He claimed that Iran wanted to make a deal “so badly”. Trump also said that an abundant supply of crude would help ease prices.
“There’s so much oil out there, they’re going to come plummeting down… We’re going to end that war very quickly. They want to make a deal so badly... You are going to see oil prices plummet. They’re going to come down. There’s so much oil out there, they’re going to come plummeting down,” Trump said during a press conference in Washington.
International crude oil prices on Wednesday remained steady amid a stalemate in peace talks between the United States and Iran.
During Asian trading hours, the global benchmark Brent Crude hovered around $110 per barrel, down marginally by 0.5 percent from the previous trading price.
India is facing an energy crisis due to the war. The latest effort is being seen as a way to ease the challenge.
