Write the half reactions so you can tell which is losing and which gaining electrons.
Li^+ + e ==> Li
2I^- ==> I2 + 2e
Li is gaining electrons which makes it reduced (and the oxidizing agent).
I^- loses electrons which makes it oxidized (and the reducing agent).
2Li^++2I^-==>2Li+I2
would 2I^- be oxidised and 2Li be reduced reaction?
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