Amid oil and gas prices that have brought much of the world to a standstill, India may soon find itself once again navigating delicate talks with the US and Iran — two countries central to tensions around the Strait of Hormuz.
Here’s why.
US on Wednesday said it will not extend waivers allowing countries to purchase Russian and Iranian energy without facing US sanctions. This move can significantly affect India’s import of oil, as it was a key beneficiary of the waiver.
“We will not be renewing the general licence on Russian oil, and we will not be renewing the general licence on Iranian oil. That was oil that was on the water prior to March 11. So all that has been used,” Treasury Secretary Scott Bessent told reporters.
How did it help India and what’s next?
The waivers on Russian oil allowed India to continue to secure additional oil amid crisis. New Delhi’s crude oil purchases from Russia more than tripled to 5.3 billion euros in March, news agency PTI reported.
“India was the second-highest buyer of Russian fossil fuels in March 2026, importing a total of EUR 5.8 billion of Russian hydrocarbons. Crude oil products constituted 91 per cent of India’s purchases, totalling EUR 5.3 billion,” European think tank Centre for Research on Energy and Clean Air said in a report, as per PTI.
Also Read: ‘Load up with best and sweetest oil’: Trump’s US crude offer after Iran stalemate
After Russia, US had also announced another 30-day license allowing countries to purchase Iranian oil. While the Russian oil waiver expired on April 11, the Iranian oil waiver is set to expire on April 19.
India also will be impacted by US blockade of Hormuz, as New Delhi imports more than 85% of its crude oil — making it the world’s third largest oil importer.
Modi-Trump call
Prime Minister Narendra Modi and US President Donald Trump, in a phone call on Tuesday discussed the “situation in West Asia and stressed the importance of keeping the Strait of Hormuz open and secure.
PM Modi took to X to share the update, saying, “Received a call from my friend President Donald Trump. We reviewed the substantial progress achieved in our bilateral cooperation in various sectors. We are committed to further strengthening our Comprehensive Global Strategic Partnership in all areas. We also discussed the situation in West Asia and stressed the importance of keeping the Strait of Hormuz open and secure.”
US Ambassador to India, Sergio Gor also took to X, confirming the 40-minute call, saying, “A very positive and productive call! Stay tuned.”
The call ended with Trump telling PM Modi, “I just want you to know we all love you”, according to Ambassador Gor.
During an event at US Embassy in Delhi, Gor, remarked that “big ticket” items will be announced over the next few weeks.
“We have some big-ticket items that will be announced over the next few days or weeks, and the relationship is on a firm footing. We will have something very interesting and exciting… in terms of some of the deals that might occur, might get announced soon, it’ll be related to energy. It’ll be related to some other items, but stay tuned. That’s all I’ll say.”
Union Minister Hardeep Singh Puri, who was also present at the event, said he held “productive” discussions with Gor on bilateral energy cooperation.
“We held productive discussions on the bilateral energy cooperation between our countries and discussed ways to further strengthen our comprehensive energy relationship,” he said in a post on X.
The two leaders also discussed the US naval blockade of Iran’s ports, according to Gor, although he refused to answer questions on any fresh talks between Iran and the US after the collapse of the negotiations in Islamabad.
“It’s not for me to announce any future talks. They did talk about the blockade and the importance of it reopening as soon as possible. Frankly, this whole region, the whole world is suffering because of this,” he said, news agency PTI reported.
US Secretary to visit India
In an attempt to further strengthen ties between the two nations, US Secretary of State Marco Rubio is set to visit India next month to hold meetings with External Affairs Minister S Jaishankar. Rubio will also meet other functionaries of the government.
“The secretary (Rubio) is coming here next month, which we’re very excited by… He doesn’t just show up. We actually have some incredible deals that we’re hoping to finalise in time for his visit at the end of May,” Gor said.
He also said that the US is looking forward to having a Quad ministerial meeting in India.
Also Read: India calls for safe Strait of Hormuz transit: Attacks on merchat shipping ‘completely unacceptable’
“We’re very much looking forward to having a ministerial quad meeting here in India. This is also the secretary’s (Rubio’s) first visit to India. So he’s very excited to come, not only to Delhi, but also to visit other places.”
“India’s vitally important to us. It’s an incredible partner and the president also has an incredible relationship with your prime minister. It shows the importance of the United States,” Gor said.
“If you look at Secretary Rubio, he does not travel because he’s full-time at the White House also. So the fact that he is coming over here shows the level of importance that the United States gives to India,” Gor said.
Trump says US has more oil than two economies combined
Trump, last week, claimed on social media that a large number of empty oil tankers are currently heading to the United States to load what he described as the “best” and “sweetest” oil and gas. He remarked that US has more oil than the two largest oil economies combined.
“We have more oil than the next two largest oil economies combined – and higher quality. We are waiting for you. Quick turnaround!” he wrote on Truth Social.
US tariffs on India
Earlier this year, Washington rolled back additional 25 per cent tariffs on India, imposed on August 27 last year, after India agreed to “stop” importing Russian oil. Currently, US tariffs on India stand at 18 per cent.
