India braces for explosion as Trump's Iran sanctions countdown begins

Experts say reinstating sanctions could see global oil prices rise by as much as $5 per barrel

Crude oil prices have firmed up since Opec's November 2016 agreement to cut production by 1.2 million barrels per day
Crude oil

Even as European governments stepped up efforts over the weekend to push Iran into negotiations that could stave off renewed United States sanctions against the country, diplomatic sources have told Business Standard that India has begun to brace itself for slashing imports from its third-largest supplier.   US President Donald Trump has said he will allow the first of a slew of Congressional sanctions to be reinstated on May 12, requiring the United States to punish countries that import Iranian oil. “There is not much we can do other than watch from the ...