The United States has issued a 30 day waiver allowing Indian refiners to purchase Russian crude oil currently stranded at sea, as the ongoing Iran war throws global energy markets into turmoil. The move, announced by US Treasury Secretary Scott Bessent, comes at a time when the Strait of Hormuz, a critical waterway carrying nearly 20 percent of the world’s daily oil supply, has been brought to a virtual standstill.
Bessent confirmed that the measure was intended to keep oil flowing into global markets. He stressed that the waiver would not significantly benefit Russia because it only covers shipments that are already at sea. Framing India as a trusted partner, he said, “India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”President Trump, for his part, tried to project reassurance. “Further action to reduce pressure on oil is imminent and in the long term, the actions we are taking will dramatically increase the stability of the region and oil prices,” he said.
However, not everyone in the energy world shares Washington’s optimism. Vandana Hari, CEO of energy research firm Vanda Insights, described the 30 day waiver as “not nearly enough,” comparing Washington’s approach to putting “band aids on a gunshot wound.” She believes Brent crude prices could continue climbing well past the $80 mark, noting that the chances of the Hormuz blockade being lifted anytime soon remain extremely dim.
Kpler analyst Sumit Ritolia said the waiver may give Indian refiners a little breathing space in the short term, mainly by helping them manage shipments already at sea. But he noted that it does not solve India’s larger problem. The country still relies heavily on Middle Eastern oil, importing about 2.6 million barrels a day from the region. He also warned that strong demand from Chinese buyers for the same discounted Russian crude could quickly reduce any advantage the waiver provides.
Back home in India, the decision has quickly turned into a political talking point. Opposition leaders questioned whether the waiver represents practical cooperation or an uncomfortable reminder of Washington’s influence over India’s energy choices. Congress leader Rahul Gandhi revived an earlier speech in Parliament in which he warned that the United States could one day dictate who India buys oil from.
AIMIM president Asaduddin Owaisi also weighed in, urging Prime Minister Modi to break his silence and tell Trump to end what he called a “tamasha.” He argued that the government must assert India’s right to purchase energy on its own terms.The public mood, particularly in India, reflects a sense of unease. On social media and television debates, many citizens are asking why a country as large as India still appears to need Washington’s approval to buy the oil it requires.
The waiver is valid only until April 4. Many analysts see it as part of a broader US strategy to calm markets in the short term while nudging major buyers toward American oil in the long run. Whether that gamble will actually work, remains an open and pressing question.
