Friday, March, 13 2026 - The administration of Donald Trump has issued a new license allowing countries to temporarily purchase certain Russian oil products, an effort aimed at easing surging crude prices following the conflict involving Iran.
Crude oil prices have jumped sharply following the closure of
the Strait of Hormuz, a key route through which about one-fifth of the world’s
oil supply normally passes, triggering a major disruption in global energy
supplies.
Iran’s Islamic Revolutionary Guard Corps has warned it could
set the region’s oil and gas infrastructure “on fire” in retaliation for any
attacks on Iran’s energy facilities.
Reports indicate that US national security officials
underestimated Iran’s willingness to shut the strait and the scale of the
resulting global energy crisis. Washington is now moving quickly to contain the
economic consequences.
At least 16 oil tankers, cargo ships and other vessels have
been attacked in and around the Strait of Hormuz, the Persian Gulf and the Gulf
of Oman over the past two weeks, according to the United Kingdom Maritime Trade
Operations. Iran has reportedly deployed mines in the strait, while the US
military said it destroyed 16 minelaying vessels earlier in the week.
Despite the escalating threat, Trump suggested in an
interview with Fox News that oil tanker crews navigating the strait should
“show some guts,” insisting there was “nothing to be afraid of.”
The US move to temporarily lift sanctions on Russian oil,
despite previous restrictions intended to limit revenue for Russia during its
war with Ukraine — is aimed at stabilizing global supply.
“To increase the global reach of existing supply, @USTreasury
is providing a temporary authorization to permit countries to purchase Russian
oil currently stranded at sea,” US Treasury Secretary Scott Bessent wrote on
social media.
He added that the authorization is a short-term measure
applying only to oil already in transit and would not significantly benefit the
Russian government, which receives most of its energy revenue from taxes at the
point of extraction.
According to the US Treasury, the license applies only to
Russian crude or petroleum products loaded onto vessels as of March 12 and
allows those shipments to proceed until April 11.
Democratic Senator, Jeanne Shaheen criticized the decision on
social media, accusing the administration of boosting Moscow’s finances.
“As Vladimir Putin helps Iran target Americans in the Middle
East, @POTUS is now filling the Kremlin’s war coffers,” she wrote.
The US had earlier granted Indian refiners a 30-day waiver to
purchase Russian oil already stranded at sea, a step officials said was
intended to keep supplies flowing into global markets.
With the energy shortage worsening, governments worldwide
have begun limiting fuel consumption, capping fuel prices and tapping emergency
reserves in an effort to cushion the economic impact.
Analysts warn that even if tensions ease quickly, the
reopening of the Strait of Hormuz may take time.
Meanwhile, analysts at Goldman Sachs raised their forecast
for Brent crude oil by 20% this year. The bank now expects prices to reach $100
per barrel in March and $85 per barrel in April if the disruption lasts about
three weeks.
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