US Grants 30-Day Window for Nations to Purchase Russian Oil Stuck at Sea

The United States has authorized a temporary 30-day permit allowing countries to purchase Russian oil and petroleum products currently trapped on ships at sea. Treasury Secretary Scott Bessent says the measure aims to help stabilize global energy markets amid disruptions from the Iran conflict.

The United States has authorized a temporary 30-day permit allowing nations worldwide to purchase Russian crude oil and petroleum products currently trapped aboard vessels at sea, according to an announcement from Treasury Secretary Scott Bessent aimed at stabilizing global energy markets disrupted by the Iran conflict.

This development follows the U.S. Energy Department’s announcement one day earlier that America would tap its strategic petroleum reserve for 172 million barrels of oil to help control soaring energy prices triggered by the Middle East war.

The strategic reserve release represents part of a larger coordinated effort by the 32-member International Energy Agency to inject 400 million barrels into global markets. Agency officials declared Thursday that the Middle Eastern conflict has created the most severe oil supply shortage in recorded history.

Speaking on social media platform X after benchmark crude prices surged past $100 per barrel, Bessent characterized the authorization as “narrowly tailored” and “short-term” while emphasizing it would not deliver substantial financial gains to Russia’s government.

“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,” Bessent stated, reflecting President Donald Trump’s position on the matter.

The authorization, which covers Russian crude oil and petroleum products loaded onto ships by March 12, will expire at midnight Washington time on April 11, based on documentation published on the Treasury Department’s official website.

Previously, the Treasury Department had granted India a specific 30-day exemption on March 5, permitting New Delhi to acquire Russian oil stranded at sea.

Additional measures to address energy costs include Trump’s directive for the U.S. International Development Finance Corporation to offer political risk insurance and financial backing for maritime commerce in the Gulf region, while also considering U.S. Navy escort services for regional shipping.

The Trump administration is also evaluating a temporary suspension of the Jones Act shipping regulation to facilitate unrestricted movement of energy and agricultural commodities between American ports, according to White House officials. Suspending this rule would permit foreign vessels to transport fuel between U.S. ports, potentially reducing costs and accelerating deliveries.

“The president is taking every action he can to lower prices … unsanctioned oil that’s at sea to get that into the market, continuing to push our own producers to drill and expand production as fast and as far as they can, providing regulatory relief, and you’re going to see more and more in the days to come,” White House Deputy Chief of Staff Stephen Miller explained during an appearance on Fox News’ “Primetime” program Thursday evening.

Approximately 124 million barrels of Russian-origin crude oil remained aboard vessels at 30 different locations worldwide as of Thursday, according to Fox News reporting, with the U.S. authorization potentially providing five to six days of additional supply considering daily losses from the Strait disruptions.

Earlier Thursday, Trump suggested the United States could profit significantly from elevated oil prices caused by the conflict, drawing criticism from some congressional members who accused him of prioritizing wealthy interests.

Military actions by the United States and Israel against Iran, followed by Tehran’s retaliation, have escalated regional tensions and halted shipping through the Strait of Hormuz, disrupting critical Middle Eastern oil and natural gas transportation routes while driving energy costs upward.

Iran’s Islamic Revolutionary Guard Corps has threatened to block all Gulf oil shipments unless American and Israeli military operations end, raising concerns for the global economy.