India, April 16 -- Amid oil and gas prices that have brought much of the world to a standstill, India may soon find itself once again navigating delicate talks with the US and Iran - two countries central to tensions around the Strait of Hormuz.

US on Wednesday said it will not extend waivers allowing countries to purchase Russian and Iranian energy without facing US sanctions. This move can significantly affect India's import of oil, as it was a key beneficiary of the waiver.

"We will not be renewing the general licence on Russian oil, and we will not be renewing the general licence on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used," Treasury Secretary Scott Bessent told reporters.

The wai...