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Brent crude was trading at $105 a barrel on Friday while US oil was at $96.75.
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there.
The United States on Monday announced sanctions on disgraced Pakistani scientist A Q Khan and 12 other individuals for their involvement in clandestine nuclear proliferation network providing atomic weapon designs and technology to North Korea, Iran and Libya. The sanctions were announced after a 'multi-year US government review of the available information pertaining to the activities of this network', it said.
With the US and Europe imposing sanctions on Iran, India sees an opportunity to boost its trade with it by tapping the sectors which would be affected by the restrictions imposed by the West.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
India and China have already rejected the US' sanctions move.
The possibility of a deal between Iran and the world on its nuclear programme has some perils but much promise for India, says Uday Abhyankar
The current instability in the world is a result of long term systemic and socio-politico problems, points out Colonel Anil A Athale (retd).
Keeps open the option to make payments in yen or yuan in the face of sanctions
India has a great opportunity to act as go between Iran and the rest of the world, says Colonel (retd) Anil Athale.
The last minute deal enables Iran to avoid possible UN sanctions over its nuclear program, which the US insists was aimed at producing weapons, not power.
Utilising a new executive order signed by President Donald Trump, issued on the eve of the 9/11 anniversary, the treasury department sanctioned over two dozen individuals and entities from 11 terrorist groups, including Pakistan-based Tehrik-e-Taliban Pakistan.
'Tehran,' Foreign Minister Zarif said, 'had expected the Modi government to be "more resilient" in the face of Washington's bullying,' notes Ambassador M K Bhadrakumar.
Replacing Iran, which is India's third largest oil supplier behind Iraq and Saudi Arabia, will not be a problem but margins will be hit as Tehran offers the best commercial terms
"10 minutes before the strike I stopped it, not proportionate to shooting down an unmanned drone".
Sebi has asked stock exchanges and other market participants to remain watchful of funds and entities with Iranian links, as the global inter-governmental agency FATF continues to classify Iran as one of the 'high-risk and non-cooperative jurisdictions' with respect to money laundering and terror financing activities.
Khamenei said: "We do not violate the deal, but if the other party violates it, if they tear the agreement up, we will light it on fire."
"Iran is a self-sufficient country. If it decides to make a nuclear bomb, it will do that all right, sanctions or no sanctions," Vladimir Yevseyev said on the Ekho Moskvy radio.
The broader Nifty closed at 11,993.05, falling by 233.60 points, or 1.91 per cent. On the Sensex chart, Bajaj Finance was the top loser, dropping 4.63 per cent, followed by SBI, IndusInd Bank, Maruti, HDFC, Hero MotoCorp, Axis Bank, ICICI Bank and RIL
India is hesitant to implement all aspects of US and European Union sanctions against Iran, a Congressional report has said, attributing this to New Delhi's reliance on Tehran with regards to Afghanistan and the historic, cultural and economic ties between the two nations.
The United States wants India to wait for a final nuclear deal between Tehran and world powers before actively engaging with Tehran.
Amid reports claiming America has threatened India with sanctions if it does not reduce its Iranian oil imports by June end, United States officials on Friday said Washington and New Delhi are having "productive conversations" on the issue and termed the reports as "highly speculative".
Rouhani, who is on his maiden visit, will meet President Mamnoon Hussain and Prime Minister Nawaz Sharif on Saturday and will discuss cooperation on regional and international issues of mutual concern.
'You know why? Because they know they can't vet them, and they don't want Hamas in their neighbourhood'
Iran and Pakistan recently signed an export deal that commits Tehran to selling natural gas to Islamabad from 2014.
An influential Republican senator has asked India to "just quit" buying oil from sanctions-hit Iran.
"Iran and India enjoys close friendly relations," the spokesman was quoted in Tehran Times as saying.
India has been looking at ways to switch from dollar as the US and EU have imposed sanctions on Iran's oil industry and financial institutions.
Virtually putting India and 11 others countries on notice, the United States has asked them to significantly reduce by June 28 the purchase of Iranian oil to avoid sanctions, as it announced a list of nations that will be exempted from the curbs.
Even as the gas pipeline project with Iran hangs in balance, India is likely to help the country in modernisation and expansion of its rail network.Iran, facing UN sanctions, has sought India's expertise in upgrading its train operations, signalling system and electrical work besides training its personnel as part of its plans to modernise the railway system.
India plans to further cut imports from Iran by 13 per cent next fiscal even though easing of US and western sanctions has made buying crude oil from the Persian Gulf nation easier.
The Chabahar message is a reality check for China, which has made deep political and strategic inroads into Iran.
China, Russia, Iran and international terrorism form the 'big four' set of security threats in an era of dramatic change, Britain's chief spy said in a rare public speech on Tuesday.
Iran's seizure of a British-flagged oil tanker was allegedly due to a collision with an Iranian fishing boat, Iran's official news agency IRNA said.
The inking of the commercial contract to build and run the strategic port will help India win access to Afghanistan, Russia and Europe
Afraid of US sanctions, State Bank declines payment facilitation for oil imports from Iran.
Backing New Delhi's quest for a permanent seat in the UNSC, Rouhani asked why India, a nation with population of 1.3 billion, was not a member of the powerful club.
India's low passion, very cautious, relationship with Iran of the last 36 years awaits transformation, says Lieutenant General Syed Ata Hasnain (retd). Prime Minister Modi's visit cannot be a negotiating event; it is a symbolic one to strengthen the politico-diplomatic relationship.
