New Delhi, April 20 -- The US has extended by 30 days its waiver from sanctions for Russian oil purchases. Just days ago, US Treasury secretary Scott Bessent had ruled that out. This flip-flop is a relief.

Global oil supplies need all the help they can get if prices are to descend and every barrel has begun to count. Costlier oil has imperilled the global economy as inflation rises and growth weakens, including in America where petrol prices at pumps are averaging over $1 per litre, which is eye-popping by US standards.

This may explain President Donald Trump's sudden magnanimity over Russian oil. It's a fungible commodity; a supply shock anywhere reaches everywhere. In such a scenario, the origin of oil does not matter.

The waiver, wh...