New Delhi, March 6 -- Crude oil prices fell in early trading on Friday after US Treasury Secretary Scott Bessent said Washington would allow a 30-day waiver for Indian refiners to purchase Russian oil stranded at sea, offering temporary relief to global supply concerns.

The move comes as energy markets remain volatile amid escalating tensions in West Asia and supply disruptions around the Strait of Hormuz, while giving Indian refiners short-term flexibility to access Russian crude shipments already in transit.

This fall in prices comes after a surge of over 15% since last week. Although Indian refiners have been purchasing Russian oil, the procurement declined in the past two months. The announcement may allow further flexibility to Ind...