• The US has granted a 30-day license for countries to purchase Russian oil stranded at sea.
• This measure is aimed at stabilizing global energy markets affected by the Iran war.
• Officials claim it will not significantly benefit the Russian government financially.
• About 124 million barrels of Russian oil are currently in transit globally.
• The US is also releasing 172 million barrels from its Strategic Petroleum Reserve to address high oil prices.

The United States has issued a temporary license allowing countries to purchase Russian oil and petroleum products stranded at sea, a measure set to remain in effect until April 11. This action was characterized by Treasury Secretary Scott Bessent as a step to stabilize global energy markets, particularly in light of disruptions caused by the ongoing war in Iran. He stated that this "narrowly tailored, short-term measure" aims to "increase the global reach of existing supply" while not providing significant revenue to the Russian government, as most of their energy revenue comes from taxes at the extraction point, according to Reuters and Channel News Asia.

This announcement comes a day after the US Energy Department's release of 172 million barrels of oil from the Strategic Petroleum Reserve and as part of a broader commitment by the International Energy Agency to address what they described as the largest disruption in oil supply in history due to the Middle Eastern conflict. As oil prices soared above $100 a barrel, the US reported that around 124 million barrels of Russian oil are currently at sea globally, according to CBS News and Le Monde.

The measure also reflects previous actions by the US, including a waiver for India to purchase Russian oil that was stranded at sea, indicating a broader strategic pivot in response to the recent surge in oil prices driven by geopolitical tensions. Bessent reaffirmed that the administration's goal is to mitigate the impact of these tensions on global oil supplies while facing criticism for potentially benefiting Russia further, according to Reuters and Channel News Asia.

As commercial shipping through the Strait of Hormuz, a vital oil transport route, has been severely impacted, the US administration faces pressure to ensure stability in energy markets. Alongside these measures, President Trump is also considering various strategies to increase oil supply, including potentially escorting ships through vital waterways and waiving certain regulatory requirements, as noted in reports from CBS News and Le Monde.