Brent crude oil prices can touch $150 a barrel (bbl) - up a whopping 103 per cent from the current levels - in the worst-case scenario if the Israel-Iran geopolitical tensions escalate, suggest analysts.
The 18 companies sanctioned include Marshall Islands-registered Changtai Shipping and Motionavigations Limited and UAE-based Indo Gulf Ship Management.
The United States on Friday exempted some countries, including India and China, from the tough Iranian sanctions act as they continue to reduce their dependence on Iranian oil.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
China and Russia on Sunday strongly condemned the United States air strikes on Iranian nuclear facilities, with China calling it a serious violation of the United Nations Charter that heightens tensions in West Asia, and Russia terming the strikes 'irresponsible' and asserting that they grossly violate international law, the UN Charter, and UN Security Council resolutions.
US is talking to India along with other countries like China on reducing their dependence on Iranian oil.
India's flagship overseas firm ONGC Videsh Ltd is likely to get a 20 per cent stake in the Khusk and Hosseineieh oil fields in Iran on nomination basis.
Trump couldn't care less anymore about the Israeli demand for Iran's 'de-nuclearisation' and 'de-militarisation.' Trump pins hopes on a grand bargain with Iran as a partner in America First, argues Ambassador M K Bhadrakumar.
"We have the toughest sanctions ever imposed. But on oil, we want to go a little bit slow because I don't want to drive the oil prices in the world up," Trump told reporters.
'All the government and private offices are functioning.' 'Overall, life is continuing normally.' 'People of Iran are showing spirit and resilience in the face of adversity.'
'What the Americans want is to destabilise Iran. For destabilising Iran, you need access. 'One access is through Iraq. The other access is through Pakistan.'
The United States has said it is encouraging countries to diversify away from Iranian oil.
'Pakistan is an ally who gives the US access.' 'If we have a presence there, it puts us that much closer to China and puts our assets closer to China and Iran.'
The crises of the 21st century, 9/11, the economic meltdown, COVID-19, Russia-Iran war and the Hamas-Israel war seem to be never ending. In this situation, Iran might be contemplating a nuclear deterrent to defend itself, observes Ambassador T P Sreenivasan, the distinguished long-time Rediff contributor who turns 80 on June 17..
Tehran's dull treatment of a dry premise never makes us feel the complexity of the ongoing Middle East crisis nor the patriotic fervour in John Abraham's voice, notes Sukanya Verma.
'Geopolitical stability could remove the crude oil risk premium.'
It cannot, however, use the money to invest in India or buy shares or companies.
As the Iran-Israel conflict takes dangerous dimensions, support for Tehran comes from next door as Iraqi Shi'ite Muslims protest Jerusalem's attacks in Baghdad.
The Israel-Iran conflict has entered a 'decisive phase' after the United States bombed three major Iranian nuclear sites Sunday morning, feel strategic affairs experts with some of them arguing it was Washington, DC's 'responsibility' to not get involved in the military standoff.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
Oil prices this year could surge up to $80 a barrel due to the increasing demand for the gasoline and disruptions in crude supplies from Nigeria, said a senior Iranian oil official.
Iran has offered discounts on crude oil price and free shipping if India agrees to buy more of its oil.
In a high-risk military operation early Sunday, the United States launched coordinated airstrikes on three of Iran's most fortified nuclear sites -- Fordo, Natanz, and Isfahan -- marking a decisive escalation in the ongoing Israel-Iran conflict.
The Indian Navy rescued an Iranian-flagged fishing vessel with 19 Pakistani crew members and a Sri Lankan trawler in two swift operations after armed pirates hijacked the boats in the Arabian Sea amid deteriorating security situation arising out of Iran-backed Houthi rebels targeting various cargo ships in the region.
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
Navy officials on Monday said that the swift response by the Indian Navy's mission deployed warship INS Sumitra ensured the safe release of the hijacked vessel and its crew.
'America holds about 16% of IMF voting rights, giving it crucial influence over Pakistan's desperately needed bailout loans.'
Western sanctions aimed at crippling Iranian finances by drying up buyers for its crude oil, had last year banned insurance cover to ships carrying Iranian oil.
Trump has a major decision to take in coming days -- specifically, how to rescue Israel from the attritional war that lies ahead, points out Ambassador M K Bhadrakumar.
Acutely conscious that he's left with less than four years to create his legacy, Trump is undoubtedly a man in a hurry, observes Ambassador M K Bhadrakumar.
India and the US have collaborated through the past one month on launching a powerful satellite; are commencing joint production of GE Aerospace's F414 jet engines in India; India is participating in a massive three week-long military exercise in the Western Pacific, observes Ambassador M K Bhadrakumar.
Crude oil prices are expected to rise this year as Iranian oil sanctions will lead to a drop in oil supply.
Asked about the expectations from the US, Azar said Washington and Israel are "completely in sync". He said he felt that the US would "support" Israel's action.
More than three months after RBI scrapped a long-standing payment mechanism used to pay for Iranian crude imports, India has resumed payments to the nation's second largest oil supplier using an alternative system.
'Indian and Iranian sources both confirmed to me that India and Iran are moving ahead to implement a payment system on buying oil from Iran and hope to finalise it very soon,' says Aveek Sen.
Secretary of State Mike Pompeo said that countries like India, if it gets the exemption, would be asked to bring down their oil imports from Iran to zero in six months' time.
Officials from India's biggest private refiner recently visited Iran to chalk out the details for resumption of trade ties with Tehran.
For starters, the Iran situation is sure to have an impact on crude oil prices, as the world has little spare capacity.
India, with the increases already made in the January-March loading plans from Iran, has to cut its purchases of the crude to about 110,000 barrels per day.
