The United States has announced a 30-day extension of sanctions relief on Iranian and Russian seaborne oil, a move aimed at alleviating supply concerns for India and other vulnerable nations amid disruptions caused by the Strait of Hormuz crisis. U.S. Treasury Secretary Scott Bessent stated that the decision was influenced by requests from finance ministers of approximately 10 countries during recent International Monetary Fund and World Bank meetings, highlighting growing worries over oil shortages and escalating prices. The extension follows significant volatility in global energy markets, exacerbated by the ongoing U.S.-Israeli conflict with Iran, which has impacted oil flows through the Strait of Hormuz, a critical transit route responsible for about 20% of global oil supply. This waiver allows countries, including India, to purchase sanctioned Russian oil loaded onto vessels, with the authorization effective through May 16. While previous waivers have facilitated substantial oil volumes entering global markets, the continuation of such measures could complicate Western efforts to limit Russia's energy revenues amid the Ukraine conflict.