For India, the Return of Iranian Oil Cannot Come Soon Enough After months of shortages and uncertainty, India sees an opportunity to restore a once-crucial energy relationship. The Mangalore Refinery in India. As recently as 2009, Iranian oil accounted for 14 percent of India’s crude imports, making Iran its second-largest supplier.Credit...Abhishek Chinnappa/Getty Images June 19, 2026, 9:17 a.m. ET The timing could hardly have been better for India.