US ends Iran oil import waivers; no supply woes for India, say marketers

Though major Indian consumers said the country was ready for the situation, spiralling oil prices could create worries for the new government that will come to power next month

The Donald Trump administration said on Monday it would not renew waivers that let countries buy Iranian oil without facing US sanctions. The US had given waiver to five nations —India, China, South Korea, Turkey and Japan — till May 2. 

In anticipation of the move, the price of Brent crude, the global oil benchmark, rose as much as 3.3 per cent, the highest intra-day level in almost six months. The Indian markets posted their worst single-day fall in 2019 and the rupee fell 32 paise to close at a two-week low. The benchmark Indian crude oil basket has already