How US ending Iran waivers may affect India and other oil markets

Among the buyers, India, South Korea, China, and Japan are likely to be hit the hardest

Six months after the US rocked oil markets by letting Iranian exports continue, its decision to end sanctions waivers that allowed shipments is also set to reverberate across the globe.

On Monday night, the US will announce that it won’t renew exemptions from its sanctions to buyers of Iranian crude after they expire on May 2. It marks a change in direction from November last year, when the Donald Trump administration granted waivers to eight importers as it sought to temper fuel prices ahead of American mid-term elections.

The move threatens to squeeze supplies further in a market that’s already facing supply