In view of the increasing missile and drone attacks by Iran on the several oilvessels and refineries in the middle east and subsequent blockade of the Strait of Hormuz, a marrow maritime checkpoint that handles nearly more than 20% of the global crude supplies to several countries of the world , the United State administration has accorded India a soeacialcjncession by allowing it to buy cheaper crore from Russia for a maximum period of one month by the time it contemplates that the war might recede or come to an end. This announcement was made by the Treasury Secretary of US Congress Scott Bessent who said that to enable oil to keep flowing into the global market,the Treasury Department is issuing a temporary thirty day waiver to allow Indian refiners to purchase Indian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea said the brief post of the US secretary further adding that India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of U.S. oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.
It may be recalled that Iran has targeted several oilfields and energy infrastructure in the Middle East as part of its retaliation against US and Israeli attacks.
During these sequal attacks Iran struck Bahrain’s primary oil refinery, BAPCO, with a missile, causing a fire that was quickly brought under control. No casualties were reported. Iraq has cut its oil production by nearly 1.5 million barrels a day due to storage constraints and inability to export crude. An oil tanker was hit by an explosion off Kuwait’s coast, causing an oil spill. Iran targeted Saudi Arabia’s Ras Tanura oil refinery with drones, but its defenses downed the aircraft.
Iran attacked the UAE’s Fujairah port, causing a fire.
These attacks have led to increased oil prices and concerns about global energy security.
Aramco’s Ras Tanura refinery in Saudi Arabia was attacked by Iranian drones on March 2, 2026, causing a fire and temporary shutdown. The refinery, one of the world’s largest, produces over 550,000 barrels of crude oil per day and is a critical hub for Saudi oil exports. The attack led to a surge in global oil prices, with Brent crude reaching $80 a barrel. No casualties were reported, and Saudi authorities quickly contained the situation.
