U.S. grants India 30-day waiver to buy Russian oil amid Middle East crisis. West Texas Intermediate crude surged 8.51% to $81.01 per barrel Thursday, marking its biggest single-day gain since May 2020, as geopolitical tensions threaten global energy supplies. The waiver allows the world's third-largest oil importer to resume Russian purchases as Iran conflict disrupts Gulf production. Brent crude rose 4.93% to $85.41 per barrel. Treasury Secretary Scott Bessant stated the measure provides limited financial benefit to Russia, affecting only stranded oil at sea. The U.S. is implementing additional measures including political risk insurance for tankers in the Gulf. Crude prices have climbed roughly 20% this week.
