The United States granted a 30-day waiver allowing Indian refiners to purchase Russian oil without any tariff repercussions, as disruptions at a key shipping route continued to threaten global oil supply.
The Strait of Hormuz, through which a fifth of global oil and liquefied gas supplies pass, has remained effectively closed since Iranian forces threatened to “set fire” to ships passing through. Oil surpassed $80 a barrel for the first time in months and analysts feared a prolonged crisis could push it above $100.
