By: The Trek News Desk
In an effort to ease rising pressure in global energy markets, the United States has temporarily permitted countries to purchase Russian oil that is currently under sanctions. The limited exemption applies only to shipments of Russian crude and petroleum products that are already being transported by sea.
U.S. Treasury Secretary Scott Bessent said the move is intended to help stabilise the global energy supply amid growing uncertainty. According to the Treasury Department, the temporary authorisation will remain in effect until April 11.
Bessent clarified that the measure is strictly limited in scope and only covers oil cargoes that were already in transit before the decision was made. He emphasised that the exemption is unlikely to provide any substantial financial benefit to the Russian government.
Tensions in the Gulf region have recently intensified, impacting global financial and energy markets. On Thursday, crude oil prices surged above $100 per barrel once again, while major stock markets experienced declines.
The surge followed reports that three additional cargo vessels were targeted in the Gulf. At the same time, Iran’s newly appointed supreme leader reiterated his stance on blocking the strategic Strait of Hormuz, a crucial maritime route through which nearly one-fifth of the world’s oil supply typically passes.
Commenting on the spike in oil prices, Bessent said the increase should be viewed as a temporary disruption rather than a long-term trend. He suggested that while the current situation may create short-term pressure, it could ultimately bring long-term benefits to the U.S. economy.
He also indicated that Washington is evaluating military options to ensure the safety of commercial vessels passing through the Strait of Hormuz.
Bessent revealed that the U.S. government has already been preparing contingency plans to provide naval escorts for ships travelling through the crucial waterway.
Although he did not provide a specific timeline, he stated that the United States would begin escorting vessels as soon as it became militarily feasible to guarantee safe passage through the region.
Source: News Agencies
