Iranian oil is knocking on India’s door again. Middlemen and representatives from the National Iranian Oil Company (NIOC) have started reaching out directly to Indian refiners with offers of discounted crude, following a 60-day general license issued by the US Treasury that permits Iranian oil sales until August 21, 2026.
The offers reportedly come with discounts of $3 to $4 per barrel, a meaningful price break designed to help Tehran move through its oil stockpiles while it has a legal window to do so. Tankers are already positioned nearby, suggesting Iran is eager to close deals fast.
Indian refiners aren’t rushing to sign on the dotted line, though. They’re taking time to evaluate payment terms and figure out which banking channels can actually handle these transactions.
A narrow window with a complicated history
Before sanctions gutted the trade, India was importing as much as 518,000 barrels per day of Iranian crude. That volume dropped to essentially zero as US enforcement tightened.
