The US has cleared the way for India to temporarily increase its purchases of Russian oil, reversing months of pressure on the world’s third-largest crude importer as an escalating conflict in the Persian Gulf upends energy flows. Maritime traffic in the Strait of Hormuz has ground to a near-complete halt, with no oil shipments going through in the past 24 hours, as the Middle East war disrupts the vital waterway. The Opening Trade has everything you need to know as markets open across Europe.