IOC Shifts Crude Buying to Spot Market After Middle East Disruptions

Indian Oil Corporation, a big oil company in India, is changing how it buys crude oil.

It used to get oil from long‑term contracts, but now it will buy more on the spot market.

This change happened because oil shipments were blocked in the Strait of Hormuz and the Red Sea.

Those blockages started after the US and Iran began fighting in late February.

The company wants to avoid future disruptions by buying oil when it can, instead of waiting for contracts.

This move helps keep its refineries running smoothly.

The change shows how global events can affect oil supply.

It also shows that companies must adapt quickly to keep their businesses running.

The new strategy will help Indian Oil get the oil it needs even when shipping routes are closed.

This is a big shift for the company and for the oil market in India.