World Business Report US allows Russian oil sales to tackle rising prices
Mar 6, 2026
Sergei Vakulenko, senior fellow and ex-Gazprom affiliate, on Russian oil flows and sanctions strain. Mokesh Kumar Sadev, former India Oil exec and CEO, on India’s tight storage and import limits. Randeep Samal, M&G fund manager, on oil-driven inflation and market ripples. They cover rising Brent, redirected Russian volumes to India, sanction limits, and central bank dilemmas.
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Rapid Oil And Gas Price Surge This Year
- Global energy prices spiked with Brent crude topping $90 a barrel, signalling a sharp supply shock this year.
- Randeep Samal noted oil is up 42% and European gas is up 80% year-to-date, amplifying inflationary pressure.
Hormuz Disruptions Could Cut Gulf Exports Quickly
- Escalation in the US-Israel-Iran conflict threatens shipments through the Strait of Hormuz, tightening Gulf supply.
- Qatar warned Gulf exporters could halt shipments within weeks and Kuwait has reportedly cut production, pressuring markets further.
US Waiver Lets India Buy Russian Oil Short Term
- The US eased restrictions to allow India a 30-day waiver to buy sanctioned Russian crude to relieve market stress.
- Mokesh Kumar Sadev warned India has limited strategic storage and could run low within roughly 10–20 days without extra shipments.