Geopolitical Risk - US-India tensions are escalating due to India's involvement with Russian oil [1] - India's shipbreaking hub, Alang, is dismantling US-sanctioned tankers, creating a new point of conflict in the US-India relationship [1] Industry Impact - The dismantling of US-sanctioned tankers in Alang presents a potential challenge to international sanctions enforcement [1]

Market Dynamics - Some of China's largest ports have received Iranian crude this year [1] - This supports a multi-billion dollar oil trade [1]