Overview
- Russia, which posted the message Saturday on its embassy in South Africa’s X account quoting diplomat Dmitry Birichevsky, said oil supply choices rest solely with Moscow as a matter of national sovereignty.
- The United States recently granted Indian refiners a 30-day waiver to buy certain Russian-origin cargoes stranded at sea, with OFAC limiting eligibility by load date and Washington saying it will track any restart of India’s purchases.
- Oil prices climbed Thursday after President Donald Trump vowed an escalation against Iran over the coming weeks, a warning that traders saw as a threat to flows through the Strait of Hormuz.
- Russia has redirected large volumes of crude to Asia as Western governments enforce price caps and other trade limits designed to curb Moscow’s energy revenue.
- The Strait of Hormuz carries roughly one-fifth of the world’s oil and significant liquefied natural gas shipments, so any disruption can raise fuel costs and shipping risks for importers like India that rely on those routes.