Iran's decision to reopen the Strait of Hormuz has brought significant relief to India, which relies on the waterway for nearly 50% of its oil imports.
The move will allow 15 Indian-flagged and owned merchant vessels to transit the waterway and return to the country, easing energy concerns.
The decision is part of a package being worked out between Tehran and Washington to end the 50-day conflict that began on February 28.
India's leadership emphasized the importance of reopening the strait to ensure unimpeded and safe trade and transit of merchant shipping.
The price of crude oil has dropped sharply, from $119 a barrel in late March to below $90 a barrel, a welcome development for India.
US President Donald Trump said the Strait of Hormuz is fully open for passage, but Iranian officials have said transiting vessels will have to pay a toll.
India has positioned warships in the Gulf of Oman to escort merchant vessels, but has given no indication of committing assets for a multilateral force to secure the region.
