What Happened: Indian oil company Reliance Industries Ltd. will cease importing oil from Iran, Reuters reported May 30.
Why It Matters: The move indicates a trend of buyers choosing not to purchase oil from Iran for fear of running afoul of potential U.S. sanctions.
Background: Many companies have become wary of doing business with Iran for fear of U.S. sanctions, which have increased since the United States left the nuclear deal, formally known as the Joint Comprehensive Plan of Action.
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