The U.S. Treasury announced on Thursday that it will temporarily allow countries to purchase Russian oil and petroleum products currently at sea, issuing a 30-day license aimed at stabilizing global energy markets disrupted by the ongoing conflict with Iran.
According to a notice from the Treasury’s Office of Foreign Assets Control (OFAC), countries are permitted to buy Russian oil shipments that were already in transit before March 12. The temporary authorization will remain in effect until April 11.
U.S. Aims to Stabilize Global Energy Markets
U.S. Treasury Secretary Scott Bessent said the measure is intended to support stability in global energy markets and help keep oil prices under control during a period of rising geopolitical tensions.
He also noted that the decision was part of broader efforts to address the growing instability linked to the Iranian regime and the escalating regional conflict.
Earlier in the week, Washington had already eased some restrictions on Russian oil exports, particularly for major importers such as India, in order to offset potential supply shortages caused by the war involving Iran.
Rising Tensions in the Persian Gulf
The policy change comes amid increasing hostilities in the U.S.-Israel conflict with Iran, which has triggered a series of incidents affecting global oil shipping.
Several oil tanker attacks and disruptions at regional ports have been reported across the Persian Gulf, raising concerns about the security of major energy supply routes.
A key focal point of the crisis is the Strait of Hormuz, a vital maritime corridor through which around 20% of the world’s oil supply passes. Iran has been accused of targeting international vessels operating near the strategic waterway.
Strait of Hormuz Closure Threat Drives Oil Prices Higher
Iran’s new Supreme Leader Mojtaba Khamenei stated on Thursday that Tehran intends to keep the Strait of Hormuz closed as leverage against the United States and Israel.
The escalating tensions pushed global oil prices sharply higher, with Brent crude surpassing $100 per barrel for the second time this week.
However, prices eased somewhat after the U.S. Treasury announced the temporary waiver allowing the purchase of Russian oil already in transit.
