U.S. grants India 30-day waiver to buy Russian oil as Iran war disrupts global supply
The United States has granted India a 30-day waiver allowing it to purchase Russian crude as the war involving Iran raises concerns over global oil supply disruptions.
Washington said the temporary measure aims to stabilise energy markets as escalating tensions in the Middle East threaten global oil flows.
U.S. officials said the waiver would allow India, the world’s third-largest oil importer, to access Russian crude supplies while markets adjust to disruptions from the conflict.
U.S. Treasury Secretary Scott Bessent said the measure would allow transactions involving oil already stranded at sea and was unlikely to significantly benefit Russia financially.
Oil prices surged amid supply fears, with West Texas Intermediate crude rising more than 8% to $81 per barrel, while Brent crude climbed nearly 5% to about $85.
U.S. President Donald Trump said Washington was taking steps to curb rising prices, including offering political risk insurance for tankers transiting the Gulf.
Energy markets have been shaken by the ongoing conflict involving Iran, Israel and the United States, which has disrupted shipping routes and raised fears of supply shortages.
Shipping traffic through the Strait of Hormuz; a key route for roughly 20% of global oil flows—has slowed significantly after Iranian warnings and rising insurance costs for vessels.
Analysts say the disruption could push India to increase purchases of Russian crude as alternative supplies from Gulf producers remain uncertain.
Energy analysts say India currently has access to about 100 million barrels of crude reserves, enough to meet demand for around 45 days.
Experts warn that if disruptions in Middle Eastern supplies continue beyond several weeks, Indian refiners could face increasing pressure to secure alternative sources of oil.
The temporary waiver highlights growing global concern over energy security as the expanding Middle East conflict threatens supply routes and drives volatility in oil markets.
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