U.S. Authorises Temporary Russian Oil Purchases Amid Gulf Tensions

Source: BBC

T(caps)he United States has announced a temporary measure allowing countries to buy sanctioned Russian oil and petroleum currently loaded on vessels at sea. The decision, authorised by the Treasury Department, is aimed at stabilising global energy markets during the ongoing war.

Treasury Secretary Scott Bessent explained that the authorisation will last until 11 April, stressing that it applies only to oil already in transit. “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.

Oil prices surged back above $100 a barrel on Thursday, while global stock markets dipped after three cargo vessels were struck in the Gulf. The situation worsened as Iran’s new supreme leader vowed to continue blocking the Strait of Hormuz, a critical shipping route through which about one-fifth of the world’s oil supply usually passes.

Bessent acknowledged the disruption but framed it as a temporary challenge. “The temporary increase in oil prices is a short-term disruption that will result in a massive benefit to our nation and economy in the long-term,” he said.

In response to the escalating threat, Bessent confirmed that the U.S. government is preparing to escort vessels through the Strait of Hormuz. “The possible need for a military escort was always in our planning,” he told Sky News, adding that operations would begin “as soon as it is militarily possible.”

The authorisation of Russian oil purchases highlights Washington’s attempt to balance sanctions enforcement with global energy stability. At the same time, rising oil prices, Gulf attacks, and Iran’s vow to block shipping lanes underscore the fragile state of international trade and security.