2 hours ago
The White House had announced last night that steps were imminent to bring down the oil prices, which have surged in light of the ongoing US-Iran war in West Asia. As of closing last night, Brent Crude made an intraday high above $86, while US Crude prices had topped $81 per barrel.
Indian refiners can now purchase Russian oil as part of a 30-day waiver announced by the Trump administration.
US Treasury Secretary Scott Bessent wrote on "X" that the Treasury Department is issuing a temporary, 30-day waiver to allow Indian refiners to purchase Russian oil to enable oil to keep flowing into the global markets.
The White House had announced last night that steps were imminent to bring down the oil prices, which have surged in light of the ongoing US-Iran war in West Asia. As of closing last night, Brent Crude made an intraday high above $86, while US Crude prices had topped $81 per barrel.
Post remarks from the White House and Bessent's announcement, US Crude prices are down 2.5%.
"This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea," Bessent went on to clarify in his post.
The US Treasury Secretary went on to add that India is an essential part of the US and they are anticipating that India ramps up the purchase of US oil. "This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage," he wrote further.
This is breaking news. To be updated with more.
First Published:
Mar 6, 2026 6:28 AM
IST
