Summary of this article
The United States has extended by another month its sanctions waiver allowing countries to continue importing Russian seaborne crude oil, a move that could provide short-term relief to global energy markets and potentially help India avoid another sharp increase in fuel prices.
The development comes as crude oil prices remain elevated amid geopolitical tensions in West Asia and continued disruptions around the Strait of Hormuz, one of the world's most critical energy shipping routes. Benchmark Brent crude has climbed to around $111 per barrel, intensifying pressure on fuel-importing countries such as India.
