Shares of Reliance Industries rose about 2.5 percent on March 6 after the United States Treasury announced a temporary 30-day waiver allowing Indian refiners to purchase Russian crude oil currently stranded at sea. The announcement provided immediate relief to Indian refining companies that had faced uncertainty over supply routes following tightening geopolitical tensions and evolving US trade policy.

The waiver was announced by US Treasury Secretary Scott Bessent, who stated that the measure was designed to ensure continued oil flows into the global market at a time when energy supply risks are increasing. According to Bessent, the waiver permits transactions only for Russian oil already in transit or stranded at sea, ensuring that the short-term relief does not generate significant new financial flows to the Russian government.

At around 10:20 am in early trading, Reliance Industries emerged as the top gainer on the Nifty index, with the stock trading near ₹1,423 per share. Market participants viewed the waiver as a positive signal for Indian refiners, especially those with significant processing capacity and trading operations.

The backdrop to the decision lies in escalating geopolitical tensions in the Middle East. Disruptions in the Strait of Hormuz, one of the world’s most critical oil shipping chokepoints, have raised concerns about global energy supply stability. The narrow waterway connects the Persian Gulf with global markets and handles nearly one-fifth of the world’s oil shipments along with a substantial portion of liquefied natural gas exports.

Recent military actions involving the United States and Israel against Iran have triggered retaliatory actions by Tehran. Iran has reportedly launched attacks targeting Israel and US military installations across several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan and Saudi Arabia. These developments have raised the risk of supply disruptions for major oil-importing economies such as India, China and Japan.

For India, the issue is particularly significant because the country is heavily dependent on imported crude oil. Russian crude had become a major source of supply after the Ukraine conflict reshaped global energy trade flows. Over the past few years, India significantly increased purchases of discounted Russian oil, helping refiners secure cost advantages and protect domestic fuel pricing stability.

Reliance Industries has played a major role in this shift. The company has been widely described as one of the largest buyers of seaborne Russian crude, with purchases estimated at around 600,000 barrels per day in 2025. Its massive refining complex and global trading network make it a key participant in crude sourcing strategies.

However, Indian purchases of Russian crude had declined in recent weeks amid uncertainty over US policy and sanctions compliance. The latest waiver therefore provides short-term clarity for refiners navigating geopolitical and regulatory complexities.