US Russian Oil Waiver Expires Amid Supply Disruptions

The United States' temporary waiver allowing countries to purchase sanctioned Russian oil expired on April 11, leaving global energy markets in limbo as the Trump administration weighs an extension amid severe supply disruptions from the ongoing U.S.-Israeli conflict with Iran.

The 30-day measure, issued by the U.S. Treasury Department in mid-March, permitted the sale and delivery of Russian crude and petroleum products stranded at sea. It was introduced to address a sharp spike in oil prices following Iran's decision to halt tanker passage through the Strait of Hormuz after a U.S.-Israeli attack on February 28. The strait, a vital chokepoint for about 20 percent of the world's daily oil shipments, remains partially closed, exacerbating what the International Energy Agency has described as the largest oil supply disruption in history. Oil prices have surged more than 30 percent above pre-conflict levels, with Russian Urals crude reaching around $120 per barrel in early April, exceeding the Brent benchmark.

India, the world's third-largest oil importer and consumer, has been among the hardest hit. The country meets 85 percent of its 5.5 million barrels per day demand through...