US blocks Russian oil waiver amid gasoline price fears

The Trump administration is defending a temporary easing of sanctions on Russian oil, allowing India to complete purchases of shipments already in transit.

US Energy Secretary Chris Wright said the 30-day measure is meant to calm global oil markets and ease concerns about shortages. He added that rising US gasoline prices are driven more by fears of a prolonged conflict than by an actual shortage of oil or gas.

The war with Iran has entered its second week, increasing tension in energy markets. US oil futures have risen by more than 20%, with concerns centered on potential disruptions to shipping through the Strait of Hormuz.

The average US gasoline price has climbed to $3.32 per gallon, the highest level since fall 2024.

Senate Democratic leader Chuck Schumer has urged President Donald Trump to release oil from strategic reserves to stabilize prices but the White House has so far declined.

Analysts warn that prolonged fuel price increases could influence the November congressional elections.

(reuters, pir)