Iranian crude oil exports have fallen in May to 500,000 barrels perday (bpd) or lower, tanker data showed and industry sources said.
The contracts with Equinor and Sonatrach will cover 50% of the 9 million tonne of crude the company had imported from Iran in 2018-19.
Last month, Saudi Arabia approached Indian buyers offering them additional supplies to compensate for loss of Iranian oil after the United States' sanctions kicked in.
Buy Indian Oil Corporation Ltd. at a price target of Rs 160.0 and a stoploss at Rs 145 from entry point.
The Houthis, which have been battling a Saudi-led military coalition in Yemen for four years, said they carried out Tuesday's drone strikes against the East-West pipeline.
Crude oil may trade with a positive bias and, as per the brokerage, it may take support near Rs 4,300.
Brent crude futures were at $72.04 a barrel at 0110 GMT, up 27 cents, or 0.4 per cent.
Tensions have been mounting in recent days after the mysterious sabotage of several tankers in the Gulf
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