MOSCOW (dpa-AFX) - To ease the pressure affecting global energy markets and supply chains due to disruption in the Strait of Hormuz caused by Iran's attack on oil ships, the U.S. Treasury Department has authorized countries to buy sanctioned Russian oil and petroleum that have already been loaded on vessels bound for importing countries.
The Treasury's Office of Foreign Assets Control, or OFAC, said on Thursday that is has issued a Russia-related General License 134 'authorizing the delivery and sale of crude oil and petroleum products of Russian Federation origin loaded on vessels as of March 12, 2026.'
Later, Treasury Secretary Scott Bessent said it was a decisive step taken by the Trump administration, until April 11, 'to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime'.
'To increase the global reach of existing supply, U.S. Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea. This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,' he wrote on X.
'The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term,' according to the Treasury chief.
Earlier, Bessent told Sky News the U.S. military would escort vessels through the Strait of Hormuz 'as soon as it is militarily possible'.
Oil prices on Friday are hovering above the $100 per barrel mark for Brent and over $95 for WTI as geopolitical tensions continue due to the escalation in the Middle East war.
Iran's new Supreme Leader, Mojtaba Khamenei, said on Thursday that the Strait of Hormuz will remain closed as a tool to exert pressure, and threatened to attack all U.S. bases in the region unless they are closed.
The Strait of Hormuz is one of the world's most important and strategic maritime corridors, with nearly one-fifth of global oil trade and large volumes of commercial goods passing through it each day.
Several vessels have been struck while attempting to cross the choke-point since the conflict escalated. Traffic has fallen sharply, from a daily average of 129 ships in February to just a handful in March.
As the the Middle East war entered its 14th day, UN Secretary-General António Guterres warned that the escalating conflict poses a grave threat to international peace and security.
The military strikes by the United States and Israel, followed by Iranian attacks across the region, have caused immense civilian suffering and risk destabilizing the wider global economy, he said.
'The region is being pushed to the breaking point. And the consequences are cascading around the world: disrupted trade, rising energy and food prices, deepening insecurity and instability.'
National health authorities in Iran reported 1255 deaths and more than 15,100 injuries in attacks since February 28. Lebanon reports at 634 deaths and more than 1500 injuries. 15 people were killed and 2142 others injured in Iranian counter-attacks in Israel, according to the UN.
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