US Issues 30-Day License Allowing All Countries to Buy Stranded Russian Oil Amid Middle East War

The United States has issued a 30-day license allowing all countries to purchase Russian crude oil and petroleum products currently stranded at sea. US Treasury Secretary Scott Bessent said the action was taken in response to the disruption of global energy markets caused by the ongoing war in the Middle East, aimed at helping stabilize those markets. Bessent posted on X (Twitter) a few hours after oil prices surpassed $100 per barrel, writing: "The United States is taking decisive steps to strengthen stability in global energy markets, while at the same time working to keep prices low as we face threats and destabilization from Iran's terrorist regime." The US Treasury Department emphasized that this measure is "short-term and precisely limited," covering only oil already in transit, and will not create "significant financial benefit" for the Russian government. Bessent also stated: "The temporary increase in oil prices is a short-term, transient disruption that will bring great long-term benefits for the country and our economy."