US Grants 30-Day Waiver for Russian Oil Amid Middle East Crisis
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Washington: The United States has temporarily eased sanctions on Russia to allow the sale of Russian oil currently stranded at sea, as the war involving Iran drives global energy prices sharply higher.
Scott Bessent, the US Treasury Secretary, announced a 30-day “temporary authorization” that permits countries to purchase Russian oil already in transit. The measure aims to ease supply pressures and stabilize fuel prices.
Bessent said the step is narrowly targeted and will apply only to shipments already on the water. According to him, the move will not significantly benefit the Russian government, as most of its energy revenue comes from taxes imposed at the point of extraction.
Global oil markets remain volatile. Brent crude, the international benchmark, stayed above $100 per barrel in early trading on Friday, despite efforts by governments to calm markets.
Much of the disruption stems from the conflict in the Middle East, which has severely affected shipping through the Strait of Hormuz—a key global energy route that normally carries about 20% of the world’s oil and seaborne gas shipments.
The administration of Donald Trump has pledged to escort vessels through the strait, but shipping activity has not fully resumed. Iranian authorities have warned that no oil will leave the region while US and Israeli military operations continue.
In a related move last week, Washington also allowed refiners in India to temporarily purchase Russian oil for 30 days. The decision came despite earlier claims that India would halt such imports.
Energy analysts estimate that about 124 million barrels of Russian oil are currently stored in tankers worldwide. Meanwhile, the International Energy Agency has ordered its 32 member countries to release 400 million barrels of emergency crude reserves, the largest coordinated release in its history.
However, continued attacks across the Middle East have overshadowed these efforts. Reports suggest Iran has begun laying mines in the Strait of Hormuz, raising further fears of supply disruptions.
Rising oil prices could also create political pressure for Trump ahead of upcoming US midterm elections, as fuel costs have already climbed sharply in recent weeks.
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