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Iran-Israel Conflict Oil Impact: Trump administration greenlights purchase of Russian oil to stop rising oil prices

  Iran-Israel Conflict Oil Impact: The US has taken an important decision to curb the rising prices of crude oil in the world market due to the ongoing war with Iran. The Trump administration has also given temporary permission to other countries to buy Russian oil that is currently stuck for supply by ships at sea.

It is worth mentioning that earlier, the US had given a special exemption only to India to buy Russian oil, so that the increase in oil prices due to the war that started on February 28 could be controlled. US Treasury Secretary Scott Besant confirmed this through social media and said that President Trump is taking this step to bring stability to the global energy market.

According to Besant, this exemption is for a very limited time and will only apply to oil that is already in transit. He clarified that this decision will not bring any major financial benefit to the Russian government, because the real income that Russia gets from oil comes from taxes levied at the time of oil extraction. The US administration believes that this step has been taken to provide relief to the US economy and the common people from high oil prices.

Experts say that until there is a definitive solution to the ongoing war with Iran, maintaining oil supplies will remain a major challenge for the US.
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