Chicago – March 13, 2026
The US has authorised countries to buy sanctioned Russian oil and petroleum that is currently loaded on vessels at sea in an attempt to curb the economic impact of the US-Israel war with Iran.
US Treasury Secretary Scott Bessent said it was a temporary measure to “promote stability in global energy markets” during the war. The authorisation will last until 11 April.
“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.
Attacks on ships and energy infrastructure in the Gulf and the effective closure of the vital Strait of Hormuz waterway have rocked global energy markets.
Oil prices climbed back above $100 a barrel on Thursday and stock markets fell after three more cargo vessels were hit in the Gulf and Iran’s new supreme leader vowed to keep blocking the strait.
