Iran was the third-largest crude oil supplier to India till 2018-19. After the Trump administration slapped fresh sanctions on Iran in 2018, Indian oil refiners curbed oil purchases from Tehran. India currently does not source crude oil from Iran.
Iran said the barrage was retaliation for a series of devastating blows Israel has landed in recent weeks against the Iran-backed militant group Hezbollah in Lebanon, which has been firing rockets into Israel since the war in Gaza began.
Iran Sanctions: US and UK imposed new set of sanctions against Iran amid Tehran's unprecedented attacks on the Middle East. US' new sanctions will cut military supply of Iranian army. Watch.
Iran holds nearly 18 percent of the world’s natural gas reserves—the world’s second-largest cache after Russia
Russia is on a strong footing, with better economic conditions, diversified forex reserves and reduced reliance on US dollar
Rising oil prices and falling dollar-rupee puts pressure on the current account deficit. Iran can bring in much needed relief, but for that India will have to stand up against the US diktat
A list of important headlines from across news agencies that could help in your trade today.
Brent crude fell for a second session on Wednesday, breaching USD 125, on the possibility of a release of strategic oil reserves by the United States even after crude stockpiles in the world's largest oil user rose more than expected last week.
Gaurav Doshi of Morgan Stanley says Nifty could return to 4,950 if crude breaks the USD 140 per barrel mark. Even as a house, they are bearish on crude.
The United States on Tuesday exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran's top customers China and India exposed to the possibility of such steps.
Crude oil rebounds on dollar weakness, Iran sanctions