India, March 6 -- The United States on Friday announced it was granting a 30-day "temporary" waiver to Indian refineries to continue its purchase of Russian energy. The development comes amid concerns of a spike in energy prices due to the ongoing conflict between Iran and the US-Israel that has also spilt over to other Gulf nations.

The announcement was made by US Treasury Secretary Scott Bessent on X, who clarified that the measure wouldn't help Russia make significant financial gains "as it only authorizes transactions involving oil already stranded at sea".

The Trump official said that the temporary waiver to India was aimed at taking off global pressure as Iran aims to "take global energy hostage". "India is an essential partner of...