Reliance buys 5 mn barrels of Iran oil after US lifts sanctions: Report

Reliance Industries purchased 5 million ​barrels of Iranian crude, days after US temporarily removed sanctions, Reuters reported. It bought the oil from the National Iranian Oil Company and the crude was priced at a ​premium of about $7 a barrel to ICE Brent futures. The deal marks the first purchase of Iranian oil by an Indian company since May 2019.