India buys 5M barrels of Iranian crude after U.S. sanctions waiver.

Reliance Industries has reportedly purchased 5 million barrels of Iranian crude oil, marking India's first such acquisition since 2019. The deal follows a temporary U.S. sanctions waiver that eased restrictions on Iranian oil exports, allowing Indian buyers to resume purchases. This transaction highlights growing supply concerns and shifting global oil trade patterns, as Asian refiners increasingly look to diversify their crude sources amid geopolitical and market uncertainties.