US EditionUS Grants India 30-Day Waiver for Russian Oil Amid Strait of Hormuz Tensions
The U.S. issued a 30-day waiver for India to buy Russian oil stranded at sea to stabilize markets amid Middle East conflict disrupting shipping routes, covering transactions until April 3, 2026.
- On March 6, 2026, the BSE Sensex and NSE Nifty tumbled, with Sensex closing at 78,918.90 down 1,097.00 points and Nifty at 24,450.45 down 315.45 points .
- As the West Asia conflict entered its seventh day, Brent crude jumped 2.53% to $87.57 per barrel amid escalating U.S.-Iran tensions disrupting oil supplies.
- Volatility surged as India VIX rose more than 11% from Thursday, while banking indices slumped and FIIs sold ₹3,752.52 crore on Thursday.
- The weekly toll showed the BSE benchmark declined 2.12%, with Nifty dropping 2.12%, as Vinod Nair warned that 'A sustained rise in oil prices could weigh on investor sentiment and adversely affect India's twin deficits,' Nair added.
- Weak U.S. and European cues weighed on sentiment, while Kospi, Nikkei 225, SSE Composite and Hang Seng rose and Bharat Electronics, Reliance Industries, Sun Pharma, NTPC, Infosys and HCL Tech gained alongside capital goods, industrials and power sectors.
165 Articles
165 Articles
Associated Press News
A boost for Moscow in the shadow of Iran war: US allows India to buy Russian oil for a month
The U.S. Treasury Department’s decision to allow India to buy Russian oil for 30 days underscores a boost for Moscow's fortunes against the backdrop of the Iran war as Russia's oil export earnings help pay for its own war against Ukraine.
Over 10 million barrels bought! Indian refiners buy Russian crude to counter Middle East oil supply shock; US gives 30-day waiver
Shipping data compiled by Bloomberg shows that roughly 15 million barrels of Russian oil are currently held on tankers in the Arabian Sea and the Bay of Bengal. In addition, vessels carrying about 7 million barrels are anchored near Singapore.
US Treasury Secretary Scott Bessent stated that the government will issue a temporary 30-day waiver to allow Indian refineries to purchase oil from Russia.
Trump had actually wanted to force India to stop all oil imports from Russia. However, the customs judgment and the Iran war have put a dash through his bill.
US President Donald Trump had actually cast a spell on oil purchases in Russia, but now, in the face of the campaign against Iran, he sets other priorities – to the delight of the Indian government.
Coverage Details
Bias Distribution
- 45% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
