Washington: US President Donald Trump said India was granted a temporary waiver to purchase Russian crude oil to reduce the pressure caused by a sharp rise in global oil prices.
The comments come as Iran has reportedly blocked the Strait of Hormuz in recent days amid conflict involving the US and Israel. With about 20% of the world’s crude shipments moving through the route, oil transportation has fallen sharply, pushing international prices up.
According to the report, crude has climbed to around $92 a barrel and could cross $100 if the situation continues. Natural gas supplies have also been affected.
The report said India had earlier stopped buying discounted Russian crude after the US imposed a 50% tariff on Indian imports. With the current disruption, India has resumed purchases and informed Washington.
US Treasury Secretary Scott Bessent said Indian refiners would be given a 30-day temporary waiver to keep global crude supply moving. Asked about the decision, Trump said the waiver was intended to ease India’s burden from higher oil prices.
