The memorandum of understanding between the United States and Iran, announced on June 15 and signed in Geneva on June 19, 2026, ends a 107-day conflict that disrupted global energy markets, threatened to engulf West Asia in a wider war, and exposed the structural vulnerabilities of every major power that had a stake in regional stability. For India, which relies on imports for over 85% of its crude oil needs, this development has significant implications for energy security, fiscal health, and its strategic role in the Global South. As one of the world’s largest energy importers, India depends heavily on oil and gas supplies that pass through the Strait of Hormuz.