Shares of Reliance Industries Ltd rose 2.5% on March 6 as US Secretary of the Treasury Scott Bessent announced that the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. The move came as the US seeks to stabilise global energy markets amid rising tensions in the Middle East.

“President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil," Bessent said on X platform.

“This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorises transactions involving oil already stranded at sea,” he added.

At 10:20 am, Reliance Industries shares were the top Nifty gainer, rising 2.5% to Rs 1,423.8 apiece.

Terming India an “essential partner” of the US, Secretary Bessent said that Washington anticipates that New Delhi will ramp up its purchase of US oil. “This stopgap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”

Reliance was touted as the world's biggest buyer of seaborne Russian oil at around 600,000 barrels per day in 2025.

There have been disruptions in energy supplies following the closure of the Strait of Hormuz after US and Israeli strikes on Iran.

The Strait of Hormuz is the world's most critical oil shipping chokepoint. It is facing disruptions after Iranian actions in response to US and Israeli strikes.

Nearly a fifth of the world's oil supply and a significant share of liquefied natural gas exports pass through the narrow waterway linking the Persian Gulf with global markets.

Following the military offensive, Iran has carried out a wave of attacks mainly targeting Israel and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan and Saudi Arabia.

Any prolonged restriction on traffic through Hormuz threatens to disrupt energy supplies to major importers, including India, China and Japan, and drive up global crude prices.

India's procurement of crude oil from Russia has seen a sharp fall in the last few weeks.

US President Donald Trump, while announcing a trade deal with New Delhi last month, claimed that India had agreed not to procure crude oil from Russia.

In an executive order, Trump had rolled back an additional 25% tariffs on India that he imposed in August last for India's procurement of crude oil from Russia.

In the order, the US said it would monitor whether India resumed Russian oil purchases directly or indirectly, and that would determine whether a 25% tariff would again be reimposed.