U.S. offers India a 30-day waiver for Russian oil amid supply worries
CNBC • • world
Key Points:
- The U.S. has issued a 30-day waiver allowing India to purchase Russian crude oil, reversing a previous 25% penalty tariff, amid global supply disruptions caused by the Iran conflict.
- Oil prices surged sharply on Thursday, with West Texas Intermediate rising 8.51% to $81.01 per barrel and Brent crude increasing 4.93% to $85.41 per barrel, before easing slightly on Friday.
- India, the world's third largest oil importer and fourth largest refiner, is increasing Russian crude purchases to offset supply losses from the Middle East due to regional instability and the Strait of Hormuz blockade.
- U.S. officials view the waiver as a short-term measure with limited financial benefit to Russia,
