Global Oil Prices Ease After US Announces 30-Day Waiver For Russian Oil Purchases

Global crude oil prices eased marginally on Friday after the United States announced a temporary 30-day waiver permitting all countries to purchase Russian oil.

Brent crude traded at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate fell 0.67 per cent to $95.09 per barrel.

The waiver aims to increase the global availability of oil stranded at sea without significantly benefiting the Russian government.

US Treasury Secretary Scott Bessent posted on X that the measure applies to oil already in transit and is narrowly targeted. He said the short-term disruption may stabilise global markets and benefit economies long-term.

The Indian government confirmed crude supply is secure, with volumes exceeding what Hormuz would have delivered.

Union Minister Hardeep Singh Puri noted non-Hormuz sourcing rose to 70 per cent from 55 per cent. India now imports from 40 countries, ensuring diversification and resilience.

Refineries operate at high capacity, some above 100 per cent, showing India’s preparedness. The US also released 172 million barrels from strategic reserves, easing supply concerns.

Analysts said the waiver and India’s diversified sourcing will support market stability and energy security, highlighting the value of strategic planning and international coordination.

Also Read: Indian Oil Companies Can Withstand $90 Crude Despite West Asia Tensions: CareEdge