Tension but no shock on oil market: International Energy Agency

Ample stocks and production elsewhere mean the world is relatively well placed to react to a crisis, the IEA says

Filling Iran oil gap in India: US supplies outshine Middle East crude

India bought about 184,000 barrels per day (bpd) oil from the United States over November 2018 to May 2019.

Iran's supreme leader called the end of oil sanction waivers by the United States a hostile measure that won't be left without a response.

Modi said those who have been levelling false allegations have found themselves in the dock.

The US will dramatically accelerate its pressure campaign on the Iranian regime until its leaders change their destructive behaviour.

US officials were constantly assessing global oil markets to determine the way forward with Iran sanctions waivers.

However, analysts said any potential Iranian oil sanction waivers would likely only be temporary.

The Reserve Bank of India (RBI) has given its nod to Iranian Bank Pasargad to set up a branch in Mumbai.

Indian Oil Corp will lift 6 mn barrels of Iran oil and Mangalore Refinery and Petrochemicals Ltd 3 mn barrels, a report said.

Washington is pushing allies to cut Iranian oil imports to zero once the sanctions start on November 4.