Oil Crisis | US Temporarily Allows Countries to Purchase Russian Offshore Oil

SighingCashier · 2026-03-13T02:13:14+00:00

Middle East tensions have driven up oil prices. The U.S. Treasury Department issued a 30-day license allowing countries to purchase stranded Russian oil to promote global energy market stability. Treasury Secretary Bessent emphasized that this measure will not significantly impact the Russian economy and noted that U.S. energy production has reached record highs, which would help reduce fuel prices. Trump stated he may grant exemptions on some sanctions to lower oil prices and plans to deploy naval escorts for oil tankers.

SighingCashier

2026-03-13 02:13:14

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Oil Prices / Petroleum / Middle East Situation / Russian Oil

The situation in the Middle East has caused oil prices to surge. The U.S. Department of the Treasury has issued a 30-day license allowing countries to purchase Russian oil and petroleum products currently stranded at sea, valid until April 11.

U.S. Treasury Secretary Janet Yellen stated on social media that while addressing threats from the Iranian terrorist regime and instability, the U.S. is taking decisive measures to promote stability in the global energy market and efforts to keep oil prices low.

Yellen explained that most of Russia’s energy revenue comes from taxes on extraction. This measure expands the global coverage of existing crude oil supplies, is targeted and short-term, applying only to oil already in transit, and will not bring significant economic benefits to the Russian government.

She also said that President Trump’s pro-energy policies have pushed U.S. oil and natural gas production to record highs, reducing fuel prices in the U.S. The temporary rise in oil prices is just short-term volatility. In the long run, the U.S. and its economy will benefit greatly.

On Monday (9th), Trump said at a press conference at Doral, a resort in Florida, that some sanctions related to oil might be waived to curb oil prices, and that the Navy would escort oil tankers passing through the Strait of Hormuz. He also admitted to having a phone call earlier Monday with Russian President Vladimir Putin.

The U.S. Department of the Treasury issued a 30-day exemption last Thursday (5th) allowing India to purchase Russian oil stranded at sea.

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