Heightened security risks in the Strait of Hormuz prompt two Indian state-owned refiners to suspend crude oil loading from Iraq

(1) Due to the continued deterioration of security in the Strait of Hormuz, ensuring the safe passage of ships has become increasingly difficult, and two Indian state-owned refiners have decided to suspend loading crude oil from Iraq. (2) Indian Oil Corporation has abandoned plans to load approximately 2 million barrels of crude oil onto the supertanker “Lila Jamnagar,” considering that, given the recent attacks on multiple cargo ships, the risk for fully loaded tankers to pass through the strait is too high. (3) Mangalore Refinery and Petrochemicals, which is controlled by India’s state-owned Oil and Natural Gas Corporation, has also suspended taking crude oil from Iraq due to the worsening security situation.