India's crude oil imports from Russia strengthened in the first half of October, reversing a three-month slide in arrivals seen during July-September as refineries were back on full stream to meet festive demand, according to ship tracking data.
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.
A spokesman for Gibraltar's government also confirmed that police proceedings against four members of the crew had ended.
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.
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.
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.
Indian refiners are likely to import 2-2.2 million barrels per day of Russian crude oil in June - the highest in the last two years and more than the total volumes bought from Iraq, Saudi Arabia, the UAE and Kuwait, preliminary data by global trade analytics firm Kpler showed.
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.
Shipping Corporation of India's oil tanker, MT Desh Shanti, which was detained in Iran for 26 days, arrived at Visakhapatnam port in the early hours on Wednesday, sources said.
Iran on Thursday ordered a release of an Indian tanker seized by it in Persian Gulf while carrying crude from Basrah in Iraq and taken to its Bandar Abbas Port 24 days ago.
"We will be guided by our national interest," he said.
Indian Navy's destroyer INS Kochi responded following the attack on the vessel, MV Andromeda Star, on April 26, officials said, adding all the crew members are safe.
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.
In a statement issued on Saturday, Austin said that the US and the UK also received support from Australia, Bahrain, Canada, Denmark, the Netherlands and New Zealand in conducting the additional strikes.
The US has slapped sanctions against a number of international companies and individuals for evading sanctions against Iran and for providing support for its contentious nuclear programme.
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.
Tehran plans to lift exports by 500,000 barrels per day
"10 minutes before the strike I stopped it, not proportionate to shooting down an unmanned drone".
India's Iran imports rise to 276,800 bpd vs 195,600 bpd in 2013.
The known unknowns in Prime Minister Modi's Saudi visit assume great significance, says Ambassador M K Bhadrakumar.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
India's imports from Iran rose to 250,200 barrels per day
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 United States wants India to wait for a final nuclear deal between Tehran and world powers before actively engaging with Tehran.
