India depends on Iran for 12 per cent of its 80 per cent of imports of crude.
An influential Republican senator has asked India to "just quit" buying oil from sanctions-hit Iran.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
In view of the disruptive situations, the Central government has also announced a financial relief package of Rs 497 crores aimed at helping exporters affected by disruptions in West Asia.
The deal shifts the US posture towards India from hostile to neutral, and that matters for growth, points out T T Ram Mohan.
The verdict marks a notable shift from a series of recent wins for Trump at the Supreme Court.
India's exports to the US contracted 8.6 per cent to $6.3 billion in October, while imports rose 13.9 per cent to $4.5 billion leading to a trade surplus of $1.8 billion during the month.
Formula One has cancelled the Bahrain and Saudi Arabian Grands Prix scheduled for April due to escalating Middle East tensions, reducing the 2026 F1 calendar from 24 to 22 races.
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
'The next two to three weeks will not be decided in Washington.' 'They will be decided in Tehran, in whatever calculation Iran makes about the costs of continued resistance against the costs of appearing to have yielded.'
In a major setback to Trump's pivotal economic agenda for his second term, the US Supreme Court, in a 6-3 verdict written by Chief Justice John Roberts, ruled that the tariffs imposed by the president on nations around the world were illegal.
Prime Minister Narendra Modi stayed calm, avoided public confrontation, and focused on India's long-term interests to steady ties with the United States.
Indian officials will visit the US to finalise the legal text for an interim trade agreement, expected to be signed in March, focusing on duty concessions and reciprocal tariffs.
'Strikes into the Gulf countries are proof that the security guarantees offered by the US are ineffective and that the Gulf countries cannot rely on American security assurances for their safety.'
Prime Minister Narendra Modi spoke with Iranian President Masoud Pezeshkian to discuss the escalating tensions in West Asia, emphasising the safety of Indian nationals and the need for regional stability through dialogue and diplomacy.
'The immediate impact for India will be very minimal as the share of Venezuela in our total overseas production is very low.'
US Treasury Secretary Scott Bessent's remarks come ahead of a high-level summit where India and the European Union are expected to formally announce the conclusion of negotiations on a comprehensive free trade agreement.
While investors would focus on the results and guidance for the third quarter of financial year 2025-26 (Q3FY26) in the normal course of business, the US-Israeli attack on Iran and the latter's retaliation at Gulf allies of the US has forced them to weigh the consequences of the event.
The value of the rupee, which has slipped to the 92 per dollar mark, does not accurately reflect India's stellar economic fundamentals, the Economic Survey said on Thursday.
The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.
India's crude oil imports have jumped 5.3 per cent to 51.928 million tonnes in the first seven months of the current fiscal as against 49.289 million tonnes in the same period last fiscal.
Whether Trump will actually press ahead with the oil sanctions remains unclear, since keeping Russian oil out of the world market risks high oil prices which could boomerang on the US economy and be damaging politically for Trump, points out Ambassador M K Bhadrakumar.
India and the US have decided to reschedule their meeting to finalize the interim trade pact due to recent developments and implications, including changes in US tariffs.
After the US Supreme Court struck down President Donald Trump's global tariffs, Congress leader Rahul Gandhi accused Prime Minister Narendra Modi of being "compromised", saying his "betrayal" in the India-US interim trade deal stood exposed.
India responds to US President Trump's claim that PM Modi assured him of halting Russian oil imports, stating it is diversifying energy sources to meet market conditions and safeguard consumer interests.
India's handling of the Iran crisis reflects a growing strain between strategic autonomy and geopolitical alignment, observes Ambassador M K Bhadrakumar.
India has stated it will wait for the outcome of the elections in Bangladesh and the resulting mandate before addressing any existing issues. The country also affirmed its support for free, fair, inclusive, and credible elections in Bangladesh.
Oilseed output to surpass its previous record of 32.75 mt in 2013-14 to 33.59 mt this year
India has fully protected its sensitive sectors like dairy, rice, wheat, pulses, tea, genetically modified (GM) goods, and coffee by not granting any import duty concessions to the European Union (EU) under the bilateral free trade agreement, according to the Commerce Ministry.
The price of petrol breached a three-year high on Monday at Rs 74.50 a litre, while the price of diesel was at its highest at Rs 65.75 a litre
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.
Iranian President Masoud Pezeshkian maintained a stance of defensive necessity, noting that Tehran is "forced to retaliate to attacks" but clarified that this does not imply a dispute with neighbouring countries
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
Following a Supreme Court setback, Donald Trump has announced an increase in global tariffs from 10% to 15%, impacting international trade relations and raising concerns about economic repercussions.
The rupee witnessed a volatile trading session and settled for the day on a slightly lower note, down 1 paisa at 90.66 against the US dollar on Monday, as traders assessed the details of the India-US interim trade framework.
'We were in a heavily nuclearised environment. China had tested for Pakistan in the 1980s and helped their missile programme stay just one step behind us.'
