US-Iran conflict: Price concerns grow over US threat of sanctions on Iraq

India's imports from Iran has already gone down to 1.7 million tonne in the current financial year, from 23.9 mt in 2018-19

The price of Brent crude oil touched $70 per barrel intraday on Monday after the US threatened to impose sanctions on Iraq, too, for its Parliament asking the American military to leave the country after it killed top Iranian general, Qasem Soleimani, in Baghdad. Any such move by the Donald Trump administration could lead to supply disruptions in the global market.
 

The increase in the global oil price over the weekend has affected retail prices of automobile fuels, with petrol in Delhi touching a 13-month high on Monday, at Rs 75.69 a litre — up from Rs 75.54 a litre