The United States issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea in what Treasury Secretary Scott Bessent said was a step to stabilize
The United States issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea in what Treasury Secretary Scott Bessent said was a step to stabilize global energy markets roiled by the Iran war.
The announcement comes a day after the U.S. Energy Department said that the U.S. would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran.
That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil. The agency said earlier on Thursday that the war in the Middle East was creating the biggest oil supply disruption in history.
Bessent, in a statement on X released hours after benchmark oil prices shot above $100 a barrel, said the measure was "narrowly tailored" and "short-term" and would not provide significant financial benefit to the Russian 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 said in the statement, echoing President Donald Trump.
Thursday's license,
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