Khurshid Warns West Asia War Could Have Global Repercussions

"So, it's very important for us to understand the consequences of the attacks on the entire. The U.S. and Iran must be thinking about it, and other countries in the world are also thinking about it. So, it's very important for us to understand that this is a war of equality, and how much we can increase or decrease it is up to each and every country's calculations.

The senior Congress leader added that attacks on fuel infrastructure during the conflict could impact not just the region but the entire world, raising serious concerns about its wider implications.

"We need to understand that in this war, attacks are being made on fuel, which will strike the entire world. Now, time will tell what measures will be found for all this," he added.

Meanwhile, Iran's Oil Ministry has contradicted the US move to ease sanctions on Iran's crude oil, which is loaded on vessels as of March 20.

In a statement issued by Iran's consulate in Mumbai, it was said, "At present, Iran essentially has no floating crude or surplus available for international markets. The U.S. Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."

The denial from the Iranians could further spook an already volatile market that has seen Crude Oil prices spike as the West Asia conflict is poised to enter its fourth week.

Earlier, the United States on Friday (local time) announced temporarily easing of sanctions on Iranian-origin crude oil and petroleum products up until April 19 this year, including permitting the sale of Iranian crude and refined products into the United States. The details of the decision were provided by a statement from the US Department of the Treasury's Office of Foreign Assets Control, which authorised the delivery and sale of crude oil and petroleum products of Iranian-origin, which are loaded on vessels as of March 20.

The statement noted 19 April 2026 as the date till which the exceptions would exist on Iranian-origin crude oil and petroleum products.

It said that with certain exceptions, "All transactions prohibited by the above-listed authorities that are ordinarily incident and necessary to the sale, delivery, or offloading of crude oil or petroleum products of Iranian origin loaded on any vessel, including vessels blocked under the above-listed authorities, on or before 12:01 am eastern daylight time, March 20, 2026 are authorized through 12:01 a.m. eastern daylight time, April 19, 2026."

The statement noted that the transactions authorised by the license also include the import of Iranian-origin crude oil and petroleum products into the United States.

- ANI