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The oxidants oxidise other compounds, ie they gain oxygen (or, more completely, they gain electrons). In your case this would be H2, as they take the oxygen from the Fe2O3.
Now use my logic to argue which are the reductants.
The oxidants oxidise other compounds, ie they gain oxygen (or, more completely, they gain electrons). In your case this would be H2, as they take the oxygen from the Fe2O3.
Now use my logic to argue which are the reductants.
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Iron is reduced but it is because it gained three electrons.
Remember this as a tool...
OILRIG
Oxidation Is Loss, Reduction Is Gain
We are talking about electrons here.
I was taught a different acronym for remembering the difference between oxidation and reduction: LEO the lion says GER
Lose Electrons Oxidize, Gain Electrons Reduce