- By Ajeet Kumar
- Tue, 10 Mar 2026 09:12 AM (IST)
- Source:JND
- Trump announces temporary oil sanctions waivers for lower prices.
- US Navy may escort ships in Strait of Hormuz.
- India benefits from discounted Russian oil imports.
US President Donald Trump has indicated that Washington could implement temporary waivers on specific oil-related sanctions to mitigate the impact of surging global energy costs caused by the escalating conflict involving Iran.
The president noted that his administration is exploring the short-term removal of certain economic restrictions until the regional situation reaches a point of stability.
"We're also waiving certain oil-related sanctions to reduce prices. So we have sanctions on some countries. We're going to take those sanctions off until this straightens out," Trump said.
Adjustments might become permanent: Trump
He further suggested that these adjustments might become permanent if the geopolitical climate improves, stating, "Then who knows, maybe we won't have to put them on. There'll be so much peace."
Trump on Russia:
— Clash Report (@clashreport) March 9, 2026
We’re also waiving certain oil-related sanctions to reduce prices. We have sanctions on some countries, but we’re taking those sanctions off until this straightens out.
Then, who knows, maybe we won’t have to put them back on.
But when the time comes, the U.S.… pic.twitter.com/swAp2htguK
US Navy may escort ships in Strait of Hormuz
In addition to economic measures, the US president confirmed that the United States and its international partners are prepared to deploy military assets to protect commercial shipping routes in the Gulf should tensions rise.
"But when the time comes, the US Navy and its partners will escort tankers through the strait if needed. I hope it's not going to be needed, but if it's needed, we'll escort them right through," he added.
These remarks follow significant volatility in global energy markets due to the hostilities involving Tehran, which have driven crude prices higher and increased the political urgency in Washington to manage domestic fuel costs.
A primary factor behind the recent price surge is the disruption of maritime traffic through the strategic Strait of Hormuz. As a critical chokepoint, approximately one-fifth of the world's crude oil supply transits through this narrow waterway.
Impact of oil disruption on India
The ongoing disruption has threatened energy security for major importers like India, the world's third-largest oil consumer and importer. Although the Indian side asserted it has a reserve capacity of at least 45 days, if the war stretched for a longer time, which Iran’s retaliation could trigger the situation, it would be tough for New Delhi to maintain the oil flow. However, a recent 30-day waiver “granted” by the Trump administration, India has already started procuring Russian oil.
How will the new oil sanctions waiver benefit India?
1. India which is heavily reliant on imported crude, over 85 per cent of needs, the waiver is significant. Russia has been a top supplier in recent years, often at discounted prices compared to Middle Eastern grades disrupted by the war.
2. With Gulf shipments halted or rerouted at higher risk and cost, reverting to Russian oil helps stabilise supply chains.
3. Indian refiners gain access to millions of barrels currently afloat, covering short-term demand, estimated at up to 45 days of reserves in some analyses, without immediate shortages.
4. Economically, discounted Russian crude, historically USD 10-20 below Brent, lowers import bills, eases pressure on fuel prices, and supports inflation control. This is crucial ahead of domestic political cycles, as rising gasoline and diesel costs affect voters.
5. The waiver also buys time for India to diversify sources, potentially ramping up US or other non-sanctioned imports as Trump has suggested, aligning with recent US-India trade deals that reduced tariffs in exchange for energy shifts.
(With inputs from agency)