West Asia war: Refiners in India, elsewhere in Asia look to buy Iranian oil after US waives sanctions

Access to Iranian oil can diversify India's crude sources and potentially lower import costs, which is crucial for a major oil importer. This could improve profitability for refiners.

• •Indian refiners plan to buy Iranian oil after the US temporarily lifted sanctions.
• •Other Asian buyers are also checking possibilities.
• •This move aims to ease an energy crunch.
• •About 170 million barrels of Iranian crude are currently at sea.
• •The waiver is for oil loaded by March 20 and discharged by April 19.