New Delhi, Mar 13: The United States Department of the Treasury has temporarily authorised countries to purchase sanctioned Russian oil and petroleum cargoes that are already loaded on vessels currently at sea, in a move aimed at stabilising global energy markets amid escalating tensions in West Asia.
US Treasury Secretary Scott Bessent said the limited authorisation would remain in place until 11 April and was intended as a short-term measure during the ongoing conflict. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government,” Bessent said.
The decision comes as oil prices surged back above $100 a barrel on Thursday and global stock markets declined after three additional cargo vessels were struck in the Gulf and Iran’s new leadership pledged to continue blocking the Strait of Hormuz, a crucial maritime route through which nearly one-fifth of the world’s oil supply typically flows.
Bessent said the spike in oil prices reflected a temporary disruption linked to the conflict.
“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,” he said. Earlier, Bessent also indicated that the United States could begin escorting commercial vessels through the Strait of Hormuz once conditions allow. “The possible need for a military escort was always in our planning,” he told Sky News, adding that escorts would begin “as soon as it is possible to ensure safe passage.”
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