India, March 6 -- The United States has granted India a temporary waiver allowing the purchase of Russian crude oil currently stranded on tankers at sea, a move that underscores the mounting strain on global energy markets as the conflict between Israel and Iran escalates.

The license, issued by the US Treasury Department, authorizes transactions involving Russian-origin crude and petroleum products that were already loaded onto vessels and are awaiting buyers or delivery. The authorization is limited to shipments delivered to ports in India and purchased by entities registered under Indian law.

The decision comes at a moment of profound geopolitical turbulence in the Middle East. As Israel attacks Iran and tensions spread across the re...