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RIL shares rose after the US announced a temporary waiver allowing Indian refiners to continue purchasing Russian oil for the next 30 days
Reliance Industries shares
RIL Share Price: Shares of Reliance Industries rose about 2.5% on March 6 after the United States announced a temporary waiver allowing Indian refiners to continue purchasing Russian oil for the next 30 days. The move is aimed at stabilising global energy markets amid rising tensions in the Middle East.
US Treasury Secretary Scott Bessent said the US Department of the Treasury would issue the waiver to ensure uninterrupted oil supplies in global markets.
“President Donald Trump’s energy agenda has led to record oil and gas production. To enable oil to continue flowing into global markets, the Treasury Department is issuing a temporary 30-day waiver allowing Indian refiners to purchase Russian oil,” Bessent said in a post on X.
He added that the short-term measure would not significantly benefit the Russia government as it only permits transactions involving cargoes that are already at sea.
At around 10:20 am, Reliance Industries was the top gainer on the Nifty 50, with the stock rising 2.5% to Rs 1,423.8 per share.
Bessent described India as an “essential partner” of the US and said Washington expects New Delhi to increase purchases of American crude in the future. He also said the waiver would help ease pressure caused by Iran’s actions that have disrupted global energy flows.
Reliance had emerged as one of the largest buyers of seaborne Russian crude in 2025, importing around 600,000 barrels per day, according to industry estimates.
Global energy markets have faced disruptions after tensions escalated in the Middle East and shipping activity through the Strait of Hormuz came under threat following US and Israeli strikes on Iran.
The Strait of Hormuz is considered the world’s most critical oil shipping chokepoint, with nearly one-fifth of global oil supplies and a significant share of liquefied natural gas (LNG) exports passing through the narrow passage linking the Persian Gulf to global markets.
Following the strikes, Iran launched retaliatory attacks targeting Israel and several US-linked military facilities across the Gulf region, including in the United Arab Emirates, Bahrain, Kuwait, Jordan, and Saudi Arabia.
Any prolonged disruption to shipping through Hormuz could impact energy supplies to major importing nations such as India, China, and Japan, potentially pushing global crude prices higher.
India’s imports of Russian crude had already declined in recent weeks amid geopolitical tensions and trade negotiations between Washington and New Delhi.
Earlier, President Trump had announced a trade agreement with India and said the country would reduce purchases of Russian oil. In August last year, the US had imposed an additional 25% tariff on Indian goods over continued Russian crude imports, which was later rolled back through an executive order.
The order also stated that Washington would monitor whether India resumes Russian oil purchases directly or indirectly, with the possibility of reinstating the tariff if such imports increase again.
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March 06, 2026, 10:52 IST
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