Indian Oil Corporation cancels Iraq oil lifting amid attacks, sources say
Indian Oil Corporation (IOC) cancelled its planned lifting of 2 million barrels of Iraqi oil from the Basrah Oil Terminal due to heightened risks and attacks on vessels in the Strait of Hormuz. The lifting was scheduled for around July 23, 2026, but security concerns prompted the decision. IOC's move reflects the ongoing volatility in the region, impacting its oil supply chain.