US allows countries to buy Russian oil stranded at sea for 30 days

US said it was a step to stabilise global energy markets roiled by the Iran war. Read more at straitstimes.com.

WASHINGTON - The United States issued a 30-day licence for countries to buy Russian oil and petroleum products currently stranded at sea in what US Treasury Secretary Scott Bessent said was a step to stabilise global energy markets roiled by the Iran war.

The announcement comes a day after the US Energy Department said that the US would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran.

That release was part of a broader commitment by the 32-nation International Energy Agency (IEA) to release 400 million barrels of oil.

The agency said earlier on March 12 that he war in the Middle East was creating the biggest oil supply disruption in history.

Mr Bessent, in a statement on X released hours after benchmark oil prices shot above US$100 a barrel, said the measure was “narrowly tailored” and “short-term” and would not provide significant financial benefit to the Russian government.

“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,” Mr Bessent said in the statement, echoing US President Donald Trump.