The United States announced on Friday that it had granted a “temporary” 30-day exemption to Indian refineries to continue purchasing Russian energy. This development comes amid fears of rising energy prices due to the ongoing conflict between Iran, the United States, and Israel, which has also spread to other Gulf countries.
This was announced by US Treasury Secretary Scott Besent on X, who explained that this measure would not help Russia achieve significant financial gains “because it only allows transactions related to oil already stuck at sea.”
The Trump official said the temporary waiver for India is intended to ease global pressure as Iran aims to “take global energy hostage.” “India is an essential partner of the United States, and we fully expect New Delhi to increase its purchases of US oil,” the Treasury Secretary wrote in a message on X.
Amid the raging global conflict, Iran recently claimed to have closed the Strait of Hormuz, raising fears of rising fuel prices, inflationary pressures, and economic instability in countries that depend on crude oil from the Middle East.
The important strait lies between Iran and Oman, linking the Persian Gulf to the Gulf of Oman and the Arabian Sea. It is said to facilitate approximately 20% of the world’s oil and gas supplies, making it one of the world’s strategically important trade arteries.
