The first would be that Mr Trump and his administration effectively blinked first in their dispute with Iran over its nuclear and missile programmes.
Waivers, however, were granted to eight major importers to continue buying Iranian petroleum products without penalty for another six months.
But that will probably depend on what happens to the volume of Iranian imports. "So it seems to me that the loss of Iranian supplies is only going to be between 1 and 1.2 million barrels per day, and the OPEC and non-OPEC producers have more than made up for that".
Oil prices slipped yesterday as concerns mounts that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran.
The new round of USA sanctions, which had been lifted under a multilateral 2015 nuclear accord with Iran, came back into force on November 5, drawing criticisms from the United Nations as well as Washington's allies in the European Union. The other two signatories - Russian Federation and China - are firmly opposed to the sanctions.
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Officials from both banks said, however, that won-denominated payments for Iranian oil were still being reviewed, and that no schedule a for resumption was set yet.
Iran's oil exports could halve by the middle of next year from their October level as the USA tightens the noose on Tehran through sanctions that will now focus on restricting crude revenue rather than imports by energy-hungry countries, analysts said.
Fawad Razaqzada, market analyst at futures brokerage Forex.com, said he had become "quite bearish on oil prices" due to lower demand growth forecasts, higher supply and Iran sanctions waivers. Strong crack margins should ensure a strong pick-up in refinery demand for crude oil - leading to lower stocks - once they return from maintenance.
"Based on credible data, we now know that up to a dozen Iranian tankers have recently disabled their maritime transponders and have effectively gone dark", Hook said on Wednesday. Since May, when Trump took Washington out of the nuclear deal, prices of bread, cooking oil and other staples have soared and the value of the rial currency has plunged. We have so many countries that are on our side. To defy the United States sanctions and preserve its strategic autonomy would require a break from this strategic alliance - something which the Modi regime can not even contemplate.
The previous sanctions on Iran, imposed by Trump's predecessor Barack Obama, were supported by the UN Security Council and the European Union.
There was no need for India to cravenly accept the U.S. sanctions on Iran.