Iran is reportedly seeking to diversify oil buyers beyond China during a 60-day US sanctions waiver, but Asian refiners show little urgency due to secured alternative supplies and uncertainty over future US policy.
Oil prices decline sharply after the US waives sanctions on Iranian oil, allowing it back into the US market, amidst progress in peace negotiations following the US-Israel war on Iran.
The US Treasury Department has issued a temporary 60-day sanctions waiver for Iran's oil sector, authorizing the production, sale, delivery, and import of Iranian crude oil and petrochemicals. This follows recent negotiations and a memorandum of understanding between the two countries.
India's crude oil imports from Russia are projected to reach an all-time high of 2.35 million barrels per day in June, driven by Strait of Hormuz disruptions and continued demand. Russia has become India's primary supplier since the US-Iran conflict began.
The US has allowed a sanctions waiver for Russian crude oil to expire, potentially impacting India's energy imports. This move follows a US-Iran understanding for a peace deal and the normalization of oil supplies through the Strait of Hormuz.
A draft memorandum of understanding between Iran and the US reportedly covers nuclear work, reopening the Strait of Hormuz, and oil sanctions waivers. A final deal could be discussed within 60 days of agreement.
A potential US-Iran diplomatic breakthrough could lead to sanctions relief for Iran, benefiting China as the primary buyer of Iranian oil. Analysts suggest this deal would require Iran to relinquish nuclear leverage and reopen the Strait, with China expected to resume oil imports if restrictions are lifted.
The US and Iran are reportedly close to a 60-day ceasefire agreement that would reopen the Strait of Hormuz, allow Iran to resume oil exports, and include talks on curbing its nuclear program, according to Axios.
Britain will exempt diesel and jet fuel made from Russian crude but refined elsewhere, widening a sanctions loophole. The US also extended a waiver on Russian oil, drawing criticism from the EU. Russia's UN ambassador threatened Latvia, which Latvia and the US denied.
The US has extended a sanctions waiver for countries buying Russian oil loaded on tankers at sea until June 17, aiming to stabilize energy markets amid the US-Israel war on Iran and disruptions to the Strait of Hormuz.
The US has extended a sanctions waiver for 30 days, allowing countries to buy Russian seaborne crude. This move aims to stabilize global markets and aid vulnerable nations, potentially softening prices and benefiting Indian refiners who have increased purchases from Russia.
Oil prices initially rose Monday after Trump warned Iran, but later fell as reports suggested a US waiver on sanctions, easing fears of prolonged Strait of Hormuz closure.
The US has extended its sanctions waiver for Russian oil cargoes at sea by 30 days to help vulnerable nations access oil amid surging global prices. This is the second extension, aimed at stabilizing the crude market.
The US has extended a sanctions waiver on Russian crude oil purchases for 30 days, aiming to stabilize global prices and aid energy-vulnerable nations. India affirmed it will continue imports based on commercial viability, regardless of the waiver status.
The US has extended a sanctions waiver for Russian crude and petroleum products for another 30 days, allowing deliveries of oil already loaded onto tankers. The move aims to ease supply concerns and limit price spikes, particularly amid disruptions in the Strait of Hormuz.
Over 500 Ukrainian drones attacked Russia overnight, killing three near Moscow. Romania found an unexploded projectile. The US let a sanctions waiver for Russian oil purchases lapse, impacting India.
The US Treasury has issued an amended license allowing Venezuela to pay for Nicolas Maduro's legal defense in New York, lifting sanctions that previously blocked payment. Maduro and his wife Cilia Flores were captured in an overnight raid in early January 2026 and flown to New York to face federal drug charges. The defense had sought to have the cases dismissed, arguing the funding block violated the constitutional right to counsel. The funds must come from sources made available after March 5, 2026, and cannot originate from US-regulated oil sales, which Washington has controlled since removing Maduro from power.
India is considering options for its $120 million stake in Iran's Chabahar port ahead of a US sanctions waiver expiry on April 26. New Delhi is holding separate talks with the US and Iran, with one option being a temporary transfer of the stake to an Iranian entity. India does not plan to completely exit the port, which serves as a key gateway for goods to Afghanistan and Central Asia, bypassing Pakistan. The waiver was revoked in September 2025 but granted again until April 2026 after lobbying from New Delhi.
Some of the “poorest” countries asked for an extension on Russian oil sanctions relief to curb prices, US Treasury chief Scott Bessent said Read Full Article at RT.com
In March, with the US sanctions waiver in effect, India has aggressively procured Russian crude, picking up millions of barrels. India has never officially said that it will stop buying Russian crude, and even when levels dropped after sanctions, Russia was still the biggest contributor.
Iranian forces attacked two Indian-flagged tankers in the Strait of Hormuz on Saturday, marking an awkward incident for Tehran given New Delhi's neutral stance and continued trade ties, including recent oil purchases under a US sanctions waiver. The Jag Arnav and Sanmar Herald were carrying crude oil, with one transporting 2 million barrels from Iraq. Analysts believe the attack was likely mistaken identity rather than deliberate, but highlights the risks of military pressure in the congested waterway. No crew injuries were reported, though Sanmar Herald sustained minor damage.
The US argues that the waiver is meant to ease the energy supply crunch sparked by the US-Israel war with Iran.
