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THe United States on fri proclaimed it was granting a 30-day “temporary” waiver to amerindic refineries to persist in its purchase of Russian vitality. The development comes amid concerns of a spike in energy prices due to the ongoing conflict between Iran and the US-Israel that has also spilt over to other Gulf nations.The announcement was made by US Treasury Secretary Scott Bessent on X, who clarified that the measure wouldn't help Russia make significant financial gains “as it only authorizes transactions involving oil already stranded at sea”.The Trump official said that the temporary waiver to India was aimed at taking off global pressure as Iran aims to “take global energy hostage”. “India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil,” the treasury secretary wrote on X.Amid the raging global conflict, Iran recently claimed to have closed the Strait of Hormuz, sparking worry of a spike in fuel prices, inflationary pressures, and economic instability in countries reliant on Middle East crude.Lying between Iran and Oman, the important strait connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. It reportedly facilitates roughly 20% of the world’s oil and gas supply, making it one of the strategically important trade arteries of the world.

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US grants 30-day waiver to India for Russian oil purchase as Iran conflict triggers energy concerns

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