After the US had attacked Iran, it waived the additional tariff of 25% levied on India for buying Russian oil.

After the US had attacked Iran, it waived the additional tariff of 25% levied on India for buying Russian oil. India imports about 85% of its oil needs, and around 40% of the imports originate from the Middle East. Every 10% rise in crude prices can push inflation up by roughly 30 basis points. India has lost about $8 to $12 billion, or about Rs 65,000 to Rs 100,000 crore, till now. The government has also lost about $1.5 billion in taxes, it has been reported. The US President Donald Trump threatened to close the Strait of Hormuz.