The Trump administration has granted India a 30 day waiver to continue purchasing Russian crude as the U.S. Iran war disrupts global energy supplies. The temporary measure comes after Washington previously imposed 25 percent penalty tariffs on India for importing Russian oil, which were removed last month.
Oil prices surged earlier in the week as tensions in the Middle East rattled markets. West Texas Intermediate crude jumped more than 8 percent to close at about $81 per barrel, while Brent crude settled above $85, according to CNBC. Prices later eased slightly on Friday.
U.S. offers India a 30-day waiver for buying Russian oil as Iran war deepens energy supply worries https://t.co/dGVWRfi2Av
— CNBC (@CNBC) March 6, 2026
U.S. Treasury Secretary Scott Bessant said the waiver only allows transactions involving Russian oil already stranded at sea and would not deliver major financial benefits to Moscow.
Analysts say the move could help stabilize supplies since India is one of the world’s largest oil importers and refiners. However, shipping disruptions in the Strait of Hormuz remain a major concern for global energy markets.
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TIPP Staff
