Reliance Shares Surge on US 30-Day Waiver for Russian Oil Purchases

Shares of

stries Ltd (RIL) jumped 2.5% in early trading today, emerging as a top performer on the Nifty 50. The stock climbed to around ₹1,423–1,424 per share, driven by the US Treasury's announcement of a temporary 30-day waiver. The waiver, issued by Treasury Secretary Scott Bessent, permits Indian refiners—including Reliance—to purchase Russian crude oil cargoes already loaded or stranded at sea. This stop-gap measure addresses potential global energy shortages amid escalating Middle East tensions, including disruptions linked to the Iran conflict and risks in the Strait of Hormuz. India, the world's third-largest oil importer, has relied on discounted Russian crude for energy security. Reliance was previously the largest buyer of seaborne Russian oil, averaging about 600,000 barrels per day in 2025, though imports paused earlier this year due to heightened US sanctions risks. The relief allows refiners to secure supplies and stabilize operations, boosting investor confidence in Reliance's oil-to-chemicals segment. The waiver expires in early April, with expectations that India may ramp up US crude imports in the longer term.