Washington's 30-day waiver “allowing” Indian refiners to buy Russian oil was framed as emergency medicine by the Donald Trump administration amid raging war with Iran. For India, it barely covers the wound. The US-Israeli offensive against Iran effectively closed theStrait of Hormuz, through which almost all Middle Eastern oil flows. For India, that is not an abstraction.
Nearly 50% of India's crude imports — approximately 2.5 to 2.7 million barrels per day — transit this narrow corridor. Any disruption triggers immediate force majeure for Indian refiners. Kpler's senior research analyst Muyu Xu, as per a CNBC report, confirmed that no laden crude tankers have transited the Strait of Hormuz since the war began despite several floating claims on either side about safe passages. For the latest context:
India has categorically rejected that the country was relying on the permission from the US to purchase Russian oil, PTI report said, quoting a senior government functionary. The “sanctions waiver” move, he said, merely removes friction rather than shaping India’s energy policy.
US oil futures fell below $90 a barrel post settlement after surging above $119 early in the session in a volatile trading day.
Markets eased as the world’s largest economies considered a coordinated effort on emergency energy supplies and Trump’s comments signaled he could seek a conclusion to the conflict.
Still, the Strait of Hormuz remained all but closed, with no finalised plans on how nations will safeguard ships passing through the key waterway. Iran's Revolutionary Guards said on Tuesday said they would not allow "one litre of oil" to be shipped from the Middle East if US and Israeli attacks continue.
The Indian National Shipowners' Association, according to an NDTV report, has written to the Ministry of Ports, Shipping and Waterways warning that 27 Indian-flagged vessels are stranded in the region with shipping assets worth over Rs 10,000 crore at risk. With Iran's Revolutionary Guards declaring the Strait of Hormuz closed and threatening to fire on any vessel attempting passage, global ship-tracking firm MarineTraffic confirms near-zero movement through the waterway. One tanker with 15 Indians aboard has already been hit.
India has urged diplomatic outreach to both Iran and Israel for safe passage.
The Government of India invokes the Essential Commodities Act, 1955, to regulate the availability, supply and equitable distribution of petroleum and petroleum products and natural gas.
The structural inadequacy of the waiver is in its design. It covers only Russian oil from ships currently stranded at sea due to their regular maritime routes being closed. According to Euronews, it expires on April 4 and does not apply to any new shipments. In plain terms: Washington has given India “permission” to collect oil already floating near its shores — not to replace the 2.5 million barrels a day it can no longer source from the Gulf.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
