Bad news for oil-importing nations

The recent European Union proposal to ban the import of Iranian crude is bad news for all oil-importing nations, including India. As if that is not bad enough, the United States Senate just approved sanctions on the Central Bank of Iran, a move intended to shrink Iran's oil exports and deprive the country of cash that might be channelled into its nuclear or missile programmes. As if on cue, Brent crossed the psychological barrier of $100 a barrel as soon as the EU ban was proposed and is cruising well above that limit. With the American sanctions, the global crude price is firmly set on a northward spiral.

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