Bessent indicated that the U.S. is evaluating the status of Iranian oil as the current campaign progresses.
Whether Trump will actually press ahead with the oil sanctions remains unclear, since keeping Russian oil out of the world market risks high oil prices which could boomerang on the US economy and be damaging politically for Trump, points out Ambassador M K Bhadrakumar.
The United States has announced new sanctions targeting Iran's 'shadow oil economy,' accusing Tehran of using illicit oil revenues to fund the Islamic Revolutionary Guard Corps (IRGC) and its regional activities.
US Secretary of State Marco Rubio on Tuesday said the United States would prefer to end its extension of waivers on Russian oil "as soon as possible", while noting that such decisions ultimately rest with the US Treasury Department.
India bought 1.87 million barrels of Russian oil per day in May so far, meeting approximately 40 per cent of its oil imports.
In a statement issued by Iran's consulate in Mumbai, it said, "At present, Iran essentially has no floating crude or surplus available for international markets. The US Treasury Secretary's remarks appear aimed at reassuring buyers and managing market sentiment."
India will continue to purchase Russian oil based on commercial viability and energy security needs, irrespective of US sanctions waivers, according to a senior petroleum ministry official.
The United States has extended a waiver from sanctions on Russian oil already at sea by one month, according to an official statement from the US Department of the Treasury.
The US has seized an oil tanker, 'Skywave', linked to Iran in the Indian Ocean, as part of efforts to disrupt Iran's oil shipments and enforce sanctions. The vessel was part of a network transporting sanctioned Iranian crude oil, with the seizure occurring amid heightened tensions between Washington and Tehran.
The United States has temporarily lifted sanctions on the sale of Iranian oil already in transit to ease soaring global crude prices, making 140 million barrels available to the market.
The United States has announced it will not renew sanctions exemptions for the purchase of Russian and Iranian oil, ending a 30-day waiver that allowed some countries, including India, to continue importing Russian oil despite sanctions related to the Ukraine war.
The United States has extended a waiver from sanctions to allow countries to buy petroleum products from Russia by a month, days after it ruled out renewal of the special measure.
Indian refiners have access to only limited Iranian volumes compared with Russian oil, and even the barrels on offer come with 'too many hassles'.
A US-sanctioned tanker carrying Iranian crude oil is heading to India, marking the resumption of oil imports from Iran after seven years.
A US-sanctioned tanker carrying Iranian crude oil has rerouted mid-voyage from its previously indicated destination of India to China, raising questions about payment issues and the future of India's Iranian oil imports.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
India has refuted claims of payment issues hindering crude oil imports from Iran, clarifying that refiners have the flexibility to source oil from various global suppliers. The Ministry of Petroleum and Natural Gas addressed reports of a tanker rerouting to China, emphasising standard industry practices and secured oil requirements.
Indian refiners are recalibrating their crude sourcing strategy due to supply disruptions in West Asia, leading to Venezuela and Brazil emerging as top five suppliers in April, replacing traditional sources like Iraq and the United States.
India's largest private refiner, Reliance Industries Ltd, successfully navigated a volatile energy market in the last quarter of FY26 by diversifying crude sourcing and demonstrating operational agility, particularly in response to geopolitical disruptions and cost fluctuations.
A senior government official asserts India's independence in purchasing Russian oil, stating that US sanctions waivers merely remove friction but do not dictate India's energy policy. The official highlights India's commitment to energy security and affordability for its citizens.
The US has threatened to prosecute those buying or selling sanctioned Iranian oil and has announced a blockade of the Strait of Hormuz after peace talks failed.
Iran has put forward a comprehensive 10-point framework that it says forms the basis of a complete resolution.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
The US Department of the Treasury on Wednesday imposed sanctions on Russia's two largest oil companies, Rosneft and Lukoil, in an effort to pressure the Kremlin to end its war in Ukraine.
Is the current rally telegraphing a durable peace plan in West Asia, boosted by United States (US) President Donald Trump's incoherent and contradictory posts on social media?
US sanctions against two of Russia's largest oil companies are expected to impact Reliance Industries' crude imports from Russia, while state-run refiners may continue purchases through intermediary traders for now.
India has seized three US-sanctioned oil tankers linked to Iran and increased surveillance in its maritime zone to curb illicit trade.
The United States has encouraged India to purchase Russian oil already at sea to mitigate supply shortages and price increases amid the West Asia conflict, according to Energy Secretary Chris Wright. This move is described as a short-term effort to stabilise the market without altering Washington's policy towards Russia.
A high-stakes memorandum for a 60-day ceasefire between the United States and Iran is in its final stages, with negotiators working to close remaining gaps and avert further escalation in the region, including reopening of the Strait of Hormuz and the resumption of Iranian oil sales, according to an Axios report citing US officials.
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
The Trump administration has announced a temporary authorisation for countries to purchase Russian oil stranded at sea, aiming to stabilise global energy markets amid rising oil prices and tensions with Iran.
Indian companies, however, are now paying a premium of $6-$7 a barrel for Russian oil, compared with discounts of $8-$10 a barrel before the start of the conflict.
The US has granted India permission to buy Russian oil already in transit to ease global supply pressures amidst the West Asia conflict. This decision comes after India agreed to halt sanctioned Russian oil purchases and substitute them with US oil.
Iranian Foreign Minister Seyed Abbas Araghchi on Saturday criticised the United States over its stance on Russian oil, claiming Washington was now "begging" countries across the globe, including India, to purchase Russian crude.
Indian refiners are negotiating for additional crude cargoes from the US, Russia, and West Africa to ensure adequate supplies amid Middle East tensions. Refineries are maintaining normal processing rates and deferring maintenance to build reserves. The move comes as conflict impacts tanker movements through the Strait of Hormuz, a key energy transit route.
Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.
The Ministry of External Affairs (MEA) has refuted reports suggesting a deal with Iran involving the release of seized vessels in exchange for safe passage of Indian ships through the Strait of Hormuz.
US President Donald Trump has rejected Iran's proposal to end the ongoing war, deeming it 'totally unacceptable'. This decision comes amid efforts to negotiate an end to hostilities that began on February 28 and have disrupted global oil supplies.
Private-sector oil refiner Reliance Industries Limited (RIL) last week received a general licence from the United States (US) government to buy Venezuelan oil, an industry executive said.
An Iranian tanker successfully bypassed the US Navy to deliver crude oil to the Asia-Pacific region, despite ongoing tensions and a US blockade.
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