U.S. Allows Temporary Purchase of Russian Oil in Transit to Stabilize Energy Markets

Amid escalating tensions in the Middle East and the ongoing conflict involving Iran, the United States has temporarily allowed other countries to purchase sanctioned Russian oil and petroleum products that are already loaded on ships at sea. U.S. Treasury Secretary Scott Bessent stated that the move is a short-term measure aimed at maintaining stability in the global energy market during the crisis and will remain in effect until April 11. The permission applies only to oil that is already in transit and is designed to avoid providing significant financial benefit to Russia. Global oil prices surged above $100 per barrel after attacks on cargo vessels in the Gulf and warnings from Iran’s new leadership about blocking the Strait of Hormuz, a key shipping route through which about 20 percent of the world’s oil supply normally passes. Although prices slightly stabilized in Asian markets on Friday, energy markets remain volatile. The International Energy Agency has announced plans to release 400 million barrels of oil to ease supply pressure, while several Asian countries such as the Philippines, Japan, South Korea, and Thailand have introduced fuel-saving and price control measures. Continued attacks on ships and threats to the Strait of Hormuz have raised global concerns about disruptions to energy supply and the broader economic impact.