The U.S. has begun blocking ships from Iranian ports via the Strait of Hormuz in an attempt to pressure Tehran. This move has been a setback for India, which had recently imported its first Iranian oil shipment in seven years. The country's waiver allowing countries to buy Russian crude expired on April 11, removing another key source of energy supply. Mukesh Sahdev, chief oil analyst at XAnalysts, said India is facing a significant supply squeeze due to the loss of Iranian barrels and the uncertainty surrounding the Iran war. The impact of the conflict is already evident in key macroeconomic indicators, including India's private sector activity slowing to its lowest level since October 2022 due to softer domestic demand.