U.S. Treasury grants India a 30-day waiver to buy Russian oil, aiming to stabilize global oil prices amid the Iran conflict. This move allows India to purchase stranded Russian oil on tankers, estimated at 125 million barrels. The waiver comes as benchmark Brent crude surges to $89 per barrel and Russias Urals oil blend climbs to $70, reversing recent slumps in Moscows fossil fuel revenues. The future of oil prices depends on the duration of the Iran war, with potential gains for Russia if the conflict prolongs.
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