In response to the oil supply shock triggered by the ongoing conflict in Iran, the United States is intensifying its efforts to stabilize oil prices by easing sanctions on Russian oil. On December 12, the U.S. Treasury announced a temporary lift of restrictions on the transport and sale of Russian crude oil and petroleum products for 30 days, specifically aimed at products that had already been shipped as of that date. This move follows previous approvals for India to purchase Russian oil, indicating a strategic shift to mitigate the impact of rising global oil prices.

Scott Bensant, the US Treasury Secretary, emphasized that this decision is a narrowly designed, short-term measure to stabilize the volatile international energy market exacerbated by the Iran war. He noted that this temporary easing would not provide significant financial benefits to the Russian government, as it applies only to quantities already in transit and not to new shipments. The context of this action comes as international oil prices surged to $100 per barrel, prompting the International Energy Agency (IEA) to decide to release 400 million barrels from global strategic reserves, including 172 million barrels from the US.

Despite these steps, U.S. President Donald Trump has faced criticism for suggesting that rising oil prices could benefit the U.S. economy as the world's largest oil producer, which critics argue only serves the interests of the wealthy and oil companies. Estimates suggest that approximately 124 million barrels of Russian oil are currently stranded on ships in about 30 global maritime regions, which could fill roughly 5 to 6 days' worth of supply considering the reduction in Middle Eastern oil supply due to the blockade at the Strait of Hormuz. The overarching strategy appears to be aimed at quickly releasing this "maritime inventory" into the market to alleviate short-term supply gaps and prevent further price hikes.