New Delhi: Iran is sending Petroleum Minister Mohsen Paknejad to New Delhi for next week’s BRICS National Security Advisers’ meeting, a visit that comes days after a US-Iran agreement committed Washington to waiving sanctions on Iranian oil exports and as Iranian ambassador expressed hope of once again becoming one of India’s key oil suppliers.Paknejad will represent Iran at the June 22-23 gathering of senior security officials from the 11-member BRICS grouping being hosted by India, as per diplomatic sources. The meeting will also be attended by Chinese Foreign Minister Wang Yi, who is expected to hold talks with National Security Adviser Ajit Doval on the sidelines.The Iranian minister’s visit comes after Iran and US signed the initial memorandum of understanding to end hostilities and open the Strait of Hormuz. The agreement includes a waiver for Iranian crude oil exports and associated services, according to details released by US officials, although broader sanctions remain subject to further negotiations.In an interview with ANI on Thursday, Iranian Ambassador to India Mohammad Fathali said the lifting of sanctions could pave the way for the revival of a major energy partnership that once made Iran one of India’s largest crude suppliers.“India has historically been one of Iran’s most important oil customers,” Fathali said, adding that if sanctions were lifted and banking channels restored, “Iran can once again become one of India’s principal oil suppliers.”The ambassador noted that bilateral trade had exceeded $17 billion annually before sanctions disrupted economic ties and argued that India’s need for reliable and affordable energy could be met by Iranian supplies if restrictions were removed.India has cautiously welcomed the agreement. On June 15, Prime Minister Narendra Modi said he welcomed “the understanding reached between the United States and Iran on ending the conflict in West Asia” and expressed hope that its implementation would restore peace and stability while ensuring freedom of navigation and commerce.The issue also came up during Modi’s bilateral meeting with US President Donald Trump on the sidelines of the G7 summit in Evian on Wednesday. In his public remarks, Modi praised Trump’s efforts to end the conflict in West Asia.At a media briefing in Paris on Thursday, Foreign Secretary Vikram Misri reiterated India’s support for the diplomatic breakthrough, stating that New Delhi welcomed “the developments that have taken place through the understanding that has been reached between the United States and Iran” and hoped to see “a rapid return to peace and stability in this region”.India, which imports roughly 90% of its crude oil requirements, has been particularly vulnerable to disruptions in Gulf energy flows subsequent to US and Israel attacking Iran in February this year, triggering three months of clashes. While Russia has emerged as India’s largest supplier since 2022, accounting for around 35-38% of imports, Iraq, Saudi Arabia and the UAE together continue to provide a substantial share of India’s crude requirements.The conflict led to concerns over traffic through the Strait of Hormuz, a critical maritime chokepoint through which a significant portion of global oil trade passes. Indian refiners responded by increasing purchases from alternative suppliers, including the UAE, Russia and Latin America, while freight and insurance costs rose amid heightened regional tensions.According to Reuters, India’s crude imports rose to 5.27 million barrels per day in May, with Russia remaining the largest supplier and the UAE becoming the second-largest source after sharply increasing exports from Fujairah. Industry sources told Reuters that Indian refiners are now preparing to scale back some spot purchases from distant suppliers if normal traffic resumes through Hormuz and are also considering buying Iranian crude again if sanctions are eased and banking channels reopen.Chief Economic Adviser V. Anantha Nageswaran said in an interview with Times Now that the US Iran agreement would ease crude prices that could reduce India’s import bill and ease pressure on the economy.“For a large oil-importing nation like India, it’s very good news,” Nageswaran said, noting that Brent crude prices had already fallen from levels above $100 a barrel. He also argued that lower energy costs would enable Indian industry to take fuller advantage of the trade agreements India is concluding with major partners, while helping support the rupee alongside measures already taken by the Reserve Bank of India and the government.