In a major breakthrough amid the ongoing Middle East crisis, Iran has allowed Indian-flagged vessels to pass safely through the Strait of Hormuz. At present, the maritime traffic through the strategic waterway has slowed sharply following the US-Israel strikes on Iran. However, at the same time, the vessels linked to US, Europe and Israel continue to face restrictions. India’s External Affairs Minister S. Jaishankar spoke with his Iranian counterpart Abbas Araghchi late Tuesday. This marked their third interaction after the war broke out in West Asia. Iran has asked the ships passing through the Strait of Hormuz to take permission before crossing the Strait, failing which they could be targeted.
The Strait of Hormuz remains the world’s most critical choke point, whose closure could lead to global oil supply chain disruptions. More than 20 million barrels of crude oil pass through the passage every day. Any disruption in the passage affects the fuel prices worldwide. Out of total oil imports of India, 90% passes through the Strait of Hormuz. Recently, LPG prices soared up in India as well, affecting the hotel business.
At present, 28 Indian-flagged vessels are operating in the Persian Gulf, out of which, 24 ships are located to the west of the Strait of Hormuz carrying 677 Indians, while four vessels are east of the strait with nearly 100 crew members onboard. Authorities are closely monitoring the situation in the Middle East. The recruitment agencies and Indian missions in the region are in contact with the Indian seafarers to ensure their safety.
