Source: BBC
The US has authorised countries to buy sanctioned Russian oil and petroleum that’s currently loaded on vessels at sea.
US Treasury Department 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.
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 of Hormuz – a key shipping route through which about a fifth of the world’s oil usually passes.
Bessent added: “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.”
Earlier, Bessent said the US government would start escorting vessels through the Strait of Hormuz “as soon as it is militarily possible”.
The possible need for a military escort “was always in our planning”, he told Sky News.
Pressed on whether that could start in the coming days, Bessent said “as soon as it is possible to ensure safe passage we will do it”.
