U.S. Hormuz Blockade and Expired Russian Oil Waiver Deepen India's Energy Crisis

Key Points

• India purchased 1.5 million barrels per day of Russian crude in March under a U.S. waiver that expired April 11.
• A concurrent U.S. blockade of the Hormuz Strait is disrupting global oil shipments, exacerbating supply tightness.
• The events occur amid a Middle East conflict that the IMF warns threatens global economic growth.

Full Details

India's energy security is under significant pressure following two major disruptions. First, a critical U.S. waiver that permitted India to purchase Russian crude oil expired on April 11, removing a vital supply source that India relied on for 1.5 million barrels per day in March 2026. Second, this loss is compounded by a concurrent U.S. blockade of the Hormuz Strait, a chokepoint for global oil shipments, which is tightening supply and raising prices worldwide. The combination of these events forces India to seek alternative, likely more expensive, energy sources amid already tight global markets. This situation arises as the Middle East conflict, which prompted the U.S. blockade, continues to threaten global economic stability.