US oil waiver eases India’s near-term supply pressure
The US waived sanctions and duties linked to Russian oil and gas, shielding India from an immediate tariff threat. OI Charts data showed short build-ups in two energy names, with key options interest around ₹225 and ₹1,250.
pre-market2 sources ↓machine-written, see hownot a recommendation
- ONGC close
- ₹222.00
- On the day
- -1.18%
- Futures OI, short build-up
- +2.5%
- Put-call ratio
- 0.47
- Max pain
- ₹225.00
The United States waived sanctions, restrictions and duties linked to Russian oil and gas on 17 Oct 2026, removing the immediate threat of tariffs of up to 100% on goods from major buyers such as India. President Donald Trump issued the executive order days before provisions of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 were due to take effect, citing the national interest of the United States. ⚖️
The waiver provides short-term relief for India’s refiners and exporters, but it does not restore certainty to the energy supply chain. Indian buyers still face tighter availability of Russian cargoes, stronger Chinese demand and possible disruption in the Middle East. China’s ability to outbid Indian refiners could raise procurement costs, while renewed US trade pressure would again affect both crude sourcing and export economics. Energy-sector exposure therefore remains linked to policy decisions beyond domestic refining demand. ⚡
OI Charts data for 16 Oct 2026 showed a cautious market response in energy names. The upstream stock closed at ₹222, down 1.2%, after a 4.5% decline over 20 sessions. Its futures open interest rose 2.5% in a short build-up, with a put-call ratio of 0.47. The ₹225 strike had the largest call open interest, while the ₹220 strike held the largest put open interest; max pain was ₹225 for the 27 Oct expiry. The stock was near its 52-week low of ₹218.53 recorded on 8 Oct 2026.
The large energy conglomerate closed at ₹1,211, down 0.3% on 16 Oct, despite a 3.5% gain over five sessions. Futures open interest increased 1.9% in a short build-up, with a put-call ratio of 0.61. The largest call open interest was at ₹1,250 and the largest put open interest at ₹1,160, while max pain stood at ₹1,210 for the 27 Oct expiry. These levels frame the immediate derivatives backdrop: ₹1,250 and ₹225 are overhead call-interest zones, while ₹1,160 and ₹220 are downside reference levels.
Traders will next watch the implementation and duration of the US waiver, Russian cargo availability, Chinese buying activity, Middle East shipping conditions and the 27 Oct options expiry. The key risk is that temporary policy relief may coexist with a structurally less reliable and more expensive supply route.
Source: Urban Acres, 17 Oct 2026
Not investment advice. For informational purposes only.