Trump extends waiver permitting countries to buy Russian crude: Here's what it could mean for oil market

US President Donald Trump’s administration has announced a waiver allowing countries to purchase sanctioned ​Russian oil for about a month, in a move that experts fear could enable Russia to earn revenue for some more time in its war in Ukraine. The United States' move is set to put a lid on a spike in global energy prices that hit a nearly four-year high in mid-March amid mounting US-Iran escalations. Currently, the US and Iran have agreed to a temporary ceasefire. Globally, markets await the outcome of a second round of talks between Iranian and American negotiators expected in the coming days.

Neither side has confirmed a date for such a meeting though the US initially hinted at weekend meetings in Islamabad, the Pakistani capital where the first round of talks was held that failed through without an agreement.

Inside US waiver on Russian oil buys

Add Zee Business as a Preferred Source

According to the US Treasury Department's portal, an original 30-day waiver now stands extended until May 16. This marks a clear reversal from the Trump administration's initial position that it would not allow an extension.

The waiver enables the US to influence global oil rates.