New Delhi: India and seven other countries will not be able to import cheaper Iranian oil without attracting US sanctions after May 1when the Donald Trump administration will end all the waivers. The US decision has jacked up global oil prices, which can potentially put the ruling BJP at a disadvantage in the latter stages of the ongoing general elections.
Oil topped $74 a barrel on Monday, its highest in six months on fears of shortage due to expected removal of supplies from Iran. Washington, however, said the sanctions, aimed at pressuring Iran to curtail its nuclear programme and renegotiate with US, will not hurt global oil supply.
