With the US military starting its blockade of Iran's ports, around two million barrels of Iranian oil per day is expected to be shut out from the world's markets, tightening global supply and leading to a further rise in prices of petroleum products, according to reports. 

A complete blockade of the Strait of Hormuz may also impact LPG supplies for India, as over the past month the country managed to have at least eight LPG tankers safely crossed through the strait,” wrote Bineet Banka, an analyst tracking the sector at Nomura in a recent note.