New Delhi, March 13 -- Global crude prices were trading marginally lower after the US Treasury Department announced a 30-day waiver allowing all countries to purchase Russian oil currently stranded at sea.

The development comes a week after the US allowed India to buy Russian oil loaded on vessels as of 5 March, offering temporary relief to global supply concerns.

At 7:15 AM, Brent crude was trading at $99.99 per barrel, down 0.47%, while West Texas Intermediate (WTI) fell 0.67% to $95.09 per barrel.

However, concerns over a prolonged conflict in West Asia and a potential blockade of the Strait of Hormuz prevented a sharper decline in prices.

Taking to X, US Secretary of Treasury Scott Bessent said:

"To increase the global reach of e...