Trump Eyes SPR as Oil Prices Soar Amid Russia-India Oil Deal

US President Donald Trump has hinted at using the Strategic Petroleum Reserve (SPR) to ease oil pressures, citing the country's abundant oil resources. He made this statement in response to the US Treasury Secretary Scott Bessent's announcement of a temporary waiver for India to purchase Russian oil.

The 30-day waiver aims to help stabilize global oil prices amid Middle East tensions. India relies heavily on the Middle East for nearly 40% of its oil imports, much of which passes through the Strait of Hormuz.

India's energy supplies are reportedly sufficient, with no shortages of crude, LPG, or LNG. The country has diversified its import sources and is reviewing its energy situation twice daily.