New Delhi, March 1 -- Indian Rice Exporters Federation (IREF) has issued an advisory to its members in view of the deteriorating situation in Iran and parts of the Gulf, and reports that movements through the Strait of Hormuz could be restricted.

IREF members are advised not to undertake new CIF (cost, insurance and freight) commitments for these destinations and, wherever feasible, to conclude sales on FOB (free on board) terms so that freight and insurance and related risks remain with the international buyer.

"Developments in Iran and the United Arab Emirates can have an immediate impact on bunker (ship fuel) prices and, if oil prices rise, may also disrupt container and bulk vessel availability," IREF said in a statement.

"In such ...