India Buys First Iran Oil Cargo Since 2019 as War Curbs Supply

State-owned refiner Indian Oil Corp. has purchased a cargo of Iranian oil which would be the country’s first such delivery since 2019, according to people familiar with the matter, as weeks of war in the Persian Gulf upend the energy trade.

India’s largest refiner is expected to to take delivery of the Middle Eastern volumes this week, the people said, without providing details of the vessel or the payment mechanism. The people asked not to be named due to the sensitivity of the matter.