In a move to stabilize the global energy market, the United States announced that it would permit countries to buy Russian oil already loaded onto tankers for a duration of 30 days. US Treasury Secretary Scott Bessent shared this update via social media, noting that oil prices continued to rise sharply, nearing $100 per barrel. The rise in prices is attributed to the current tensions in the Middle East, particularly following U.S.-Israeli strikes against Iran, which have contributed to instability in oil markets.

The US Department of the Treasury has issued a license that allows for the sale of Russian oil and petroleum products loaded onto vessels before midnight (Washington time) on April 10. This temporary measure aims to alleviate immediate pressures on global oil supply chains. However, Bessent emphasized that this policy would not provide significant financial benefits to the Russian government, as the majority of its energy revenue comes from taxes levied at the production site rather than from international sales.

This initiative reflects the delicate balancing act the US is attempting to maintain in the face of rising oil prices exacerbated by geopolitical conflicts. While the allowance may offer short-term relief in oil supply, it underscores the ongoing complexities of energy dependency and international relations as the world grapples with the ramifications of conflict in the Middle East.