The immediate impact on India is likely to be limited because Indian refiners have largely stayed away from Iranian crude amid concerns over US sanctions. But the bigger risk is indirect.

New U.S. sanctions and UAE trade suspension may disrupt Indian exports to Iran. Rice, tea, and pharmaceutical shipments routed through Dubai face potential severe disruptions. …

US sanctions on Iran may tighten oil supply, impacting China's imports. Crude oil reaching a new all-time high by December 31 at 12% YES.