Kathrine Frich
The escalating conflict in the Persian Gulf is beginning to disrupt global energy markets.
Tensions around the Strait of Hormuz, one of the world’s most critical oil routes, have raised concerns about supply shortages and rising prices.
Washington has taken a temporary step that could allow India to secure additional fuel supplies despite sanctions targeting Russia’s energy sector.
Temporary authorization
The United States has issued a license allowing India to purchase Russian oil for the next 30 days.
According to EFE, the measure was announced by US Treasury Secretary Scott Bessent on his official social media account.
He said the authorization would not significantly benefit Russia financially because it only allows transactions involving oil that is already stranded at sea.
Energy concerns
The decision comes as tensions rise in the Persian Gulf following the conflict launched by the United States and Israel against Iran.
Iran has responded with attacks on countries in the region and has imposed a blockade on the Strait of Hormuz.
The route is one of the most important oil corridors in the world, with roughly one out of every five barrels of global crude passing through it.
US expectations
Bessent described India as a key partner for the United States and said Washington expects New Delhi to increase purchases of American oil in the future.
In February, US President Donald Trump said that after speaking with Indian Prime Minister Narendra Modi, India would stop buying Russian oil and instead turn to supplies from Venezuela.
At the time, Trump argued the move would help weaken Russia’s ability to finance the war in Ukraine.
Global pressure
The temporary exemption is intended to ease pressure on global energy markets as tensions in the Middle East grow.
Iran has previously threatened to block shipping through the Strait of Hormuz, a move that could severely disrupt global oil supplies and push prices higher.
“This interim measure will alleviate the pressure caused by Iran’s attempt to hold global energy hostage,” Bessent said.
Source: EFE, 20Minutos.
