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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InThe US Treasury Department has issued a temporary 30-day general license allowing Indian refiners to purchase Russian crude oil and petroleum products. This strategic move is designed to mitigate global supply shortages resulting from the ongoing blockade of the Strait of Hormuz, a critical transit point for 20% of the world's oil. The license applies to transactions for shipments loaded before March 5, 2026, and is set to expire on April 4, 2026. By facilitating the flow of Russian oil, the US aims to curb the rapid daily rise in energy prices and prevent a potential global recession. Analysts expect this injection of supply to provide a necessary cushion for the market, putting downward pressure on Brent and WTI benchmarks. The waiver represents a significant shift in geopolitical maneuvering as the US prioritizes energy stability amidst heightened regional tensions.