The United States has issued a 30-day license allowing countries to purchase Russian oil and petroleum products currently stranded at sea, in a move aimed at stabilizing global energy markets disrupted by the ongoing war involving Iran.
US Treasury Secretary Scott Bessent said the measure is intended to ease pressure on global oil supplies and reduce volatility in energy markets.
The announcement comes a day after the US Department of Energy said the United States would release 172 million barrels of oil from its Strategic Petroleum Reserve to help curb sharply rising oil prices following the conflict in Iran.
That release is part of a broader effort coordinated by the 32-member International Energy Agency (IEA), which has committed to releasing a total of 400 million barrels of oil to the market. The agency earlier warned that the Middle East conflict could trigger the largest oil supply disruption in history.
In a statement posted on X, Bessent said the license was “narrowly tailored” and intended as a short-term measure that would not significantly benefit the Russian government financially.
“The temporary increase in oil prices is a short-term disruption that will result in long-term benefits for our nation and economy,” he said, echoing remarks made by US President Donald Trump.
According to the US Treasury Department, the license authorizes the delivery and sale of Russian crude oil and petroleum products that were loaded onto vessels as of March 12. The license will remain valid until midnight Washington time on April 11.
Earlier this month, the US Treasury also issued a separate 30-day waiver for India, allowing New Delhi to purchase Russian oil that was stranded at sea.
The Trump administration has also introduced additional measures aimed at reducing energy prices. These include directing the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf.
The United States has also indicated that its Navy could escort ships operating in the region to ensure safe passage.
In another step under consideration, the administration is evaluating a temporary waiver of the Jones Act, a shipping regulation that normally requires US-built and US-crewed vessels for transport between American ports. A waiver would allow foreign ships to transport fuel and agricultural products between US ports, potentially lowering costs and improving supply flows.
White House Deputy Chief of Staff Stephen Miller said the administration is taking multiple steps to bring down energy prices.
“The president is taking every action he can to lower prices — including bringing unsanctioned oil currently at sea into the market and encouraging domestic producers to expand drilling and production,” Miller said during an interview on Fox News.
Reports indicate that around 124 million barrels of Russian-origin oil are currently on vessels across about 30 locations worldwide. The new license could release roughly five to six days’ worth of supply to global markets.
Meanwhile, tensions in the Middle East continue to escalate following US and Israeli strikes on Iran and retaliatory actions by Tehran.
The conflict has disrupted shipping through the Strait of Hormuz, a key route for global oil and gas supplies, driving energy prices higher and raising concerns about the stability of global energy markets.
Iran’s Islamic Revolutionary Guard Corps has also warned that it could block oil shipments from the Gulf if US and Israeli attacks continue.
Source: Reuters.
