US President Donald Trump said Washington granted India a 30-day waiver to continue buying Russian oil to “take pressure off" India and global energy markets, as crisis deepens over the closure of the Strait of Hormuz amid the escalating Iran war.
Earlier, United States Secretary of the Treasury Scott Bessent said the Treasury Department would issue a temporary waiver allowing Indian refiners to continue buying Russian oil.
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil," Bessent wrote on X.
He added that India is an essential partner of the United States and that Washington expects New Delhi to increase purchases of US oil. Bessent said the move was a stop-gap measure aimed at easing pressure caused by Iran’s actions affecting global energy supplies.
The closure of the Strait of Hormuz since March 2, 2026 – the ninth day of the Iran war – has triggered a global oil crisis.
The situation has pushed oil prices higher and left more than 150 tankers stranded.
Oil traffic through the strait has dropped by 70 to 100 per cent. Brent crude prices have climbed to about $92 per barrel, up by around 10 to 15 per cent. Analysts warn that a prolonged blockade could push prices to between $100 and $150 per barrel as exports from Saudi Arabia, the United Arab Emirates and Qatar remain disrupted.
Liquefied natural gas supplies have also been affected. Qatar halted production, with around 90 per cent of its LNG exports normally passing through the Strait of Hormuz. Asian countries including China, Japan, India and South Korea have been hit hardest, as the region accounts for about 17 per cent of global LNG demand.
Refining operations have also been disrupted. Saudi Arabia’s Ras Tanura facility has shut down, a fire was reported at the UAE’s Fujairah facility, and Iraq has cut output by about 1.5 million barrels per day.
Source: World News in news18.com, World Latest News, World News
