US revokes Iran oil waiver, sending crude prices soaring and India’s import hopes into limbo
The United States revoked the temporary waiver that let Iran sell oil, cutting the wind-down deadline to July 17 after Iranian tankers were hit in the Strait of Hormuz. The move spiked crude prices and casts doubt on the fragile US‑Iran ceasefire, jeopardising India’s plan to restart Iranian oil imports.