Iran’s unrest has little impact on India’s trade or credit, but oil prices and supply chains remain a concern.

Iran’s ongoing unrest has not significantly impacted India’s trade or corporate credit profiles, according to Crisil Ratings, due to minimal direct trade—just 0.3% of exports and under 0.1% of imports. India’s main exports to Iran are basmati rice, with stable demand, while imports of fruits and nuts may decline if disruptions continue. Though Iran supplies 4–5% of global crude oil, prices have stabilized after an initial spike, but prolonged conflict could raise oil costs, affecting refining, aviation, petrochemicals, and related industries. Crisil is monitoring the situation closely, noting potential supply chain and payment delays, especially for non-essential imports, and will assess credit impacts case by case.