U.S. issues 30‑day waiver allowing India to buy Russian oil as Iran war disrupts supplies

[Oil barrels in robotic storage in oil blending factory]

The United States on Thursday issued [https://ofac.treasury.gov/media/935101/download?inline] a 30-day waiver to India for purchasing crude from Moscow as the Iran war upends global supplies. The waiver on purchasing Russian oil is expected to help ease global supply worries, with India being the world’s fourth-biggest refiner and fifth-largest exporter of petroleum products.

A license issued late on Thursday covers transactions related to Russian crude oil and petroleum products loaded onto vessels before March 5, so long as they're delivered to India and purchased by an Indian firm. The measure expires April 4 at 12:01 a.m. Washington time.

India faces risks from energy supply disruptions, with crude oil reserves sufficient for only about 25 days of demand. Around 40% of the country’s oil imports pass through the Strait of Hormuz from the Middle East.

Brent (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) and WTI crude (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) recouped some losses after falling over 1% on Friday and were last trading at $85.19 and $80.60 per barrel, respectively.

This “short-term measure will not provide significant financial benefit” to Russia as it only allows transactions of oil already stranded at sea, U.S. Secretary of the Treasury Scott Bessant said in a post on X.

The U.S. government, meanwhile, is taking steps [https://seekingalpha.com/news/4561687-crude-oil-turns-lower-as-trump-officials-signal-imminent-action-to-reduce-price-pressure]to curb rising oil prices, including offering political risk insurance for tankers transiting the Gulf. U.S. crude prices have climbed about 20% this week on the back of the escalating conflict in the Middle East.

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