Treasury Secretary Scott Bessent stated on Friday that the US has provided a temporary 30-day exemption so Indian refiners can buy Russian oil.
US President Donald Trump said on Sunday that he is not concerned about rising fuel prices amid the ongoing war in Iran. The war has devastated global markets and sent oil prices skyrocketing. The Strait of Hormuz, a vital route for global energy supplies, is virtually closed.
When asked by a reporter on Air Force One about exempting India from purchasing oil from Russia and whether he was prepared to take other steps to ease pressure on the global energy market, Trump said the administration was ready to take action if necessary.
He said, “If there was one, I would do it, just to relieve some pressure.”
He also dismissed the possibility of using the US Strategic Petroleum Reserve, saying that the US has “plenty of oil.”
The reserve—a supply of oil that the US government can use in an emergency—held more than 415 million barrels as of the end of last month.
“We have a lot of oil. We have a lot of it in our country,” Trump told reporters.
He said, “There’s a lot of oil there. It will recover very quickly.”
US Russian Oil Waiver for India
Treasury Secretary Scott Bessant said on Friday that the US is granting a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.
He wrote on X, “This deliberate, short-term measure will not provide any significant financial benefit to the Russian government, as it only approves transactions involving oil already stranded at sea.”
He said, “India is an important partner to the US, and we fully expect New Delhi to increase its oil purchases from the US. This temporary step will ease the pressure created by Iran’s attempt to hold the global energy system hostage.”
Trump imposed a 25% tariff on India last year for oil purchases from Moscow, and his administration claimed it was “fueling” Russia’s war against Ukraine.
Washington made reducing purchases from Moscow a key condition of the India-US interim tariff framework agreement announced last month. The Trump administration also agreed to waive 25% of tariffs on the assurance that New Delhi would reduce its purchases from Russia.
US-Israel-Iran Tensions
The Middle East has been plunged into chaos following last Saturday’s joint US and Israeli attack on Iran, which killed 86-year-old Supreme Leader Ayatollah Ali Khamenei.
In response, Iran has fired missiles at US military bases in Israel and Gulf countries.
According to reports, more than 1,000 people have been killed in Iran and more than a dozen in Israel. At least six US soldiers have also been killed in the war.
US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu have claimed that they attacked Iran because it posed a threat.
Trump said, “If we hadn’t done it first, they would have done it to Israel, and if it were possible, they would have given us the opportunity.”