America Allowed Purchase of Russian Oil Until April 11

(Patria) - The United States has issued a 30-day permit for the purchase of Russian oil and petroleum products currently held at sea, which, according to Treasury Secretary Scott Bessent, is a step towards stabilizing global energy markets affected by the war against Iran.

Bessent said in a statement released a few hours after benchmark oil prices rose above $100 per barrel, to the highest level in nearly four years, that this measure will not bring significant financial benefit to the Russian government.

The announcement comes a day after the U.S. Department of Energy said the U.S. would release 172 million barrels of oil from strategic petroleum reserves in an effort to curb skyrocketing oil prices due to the war in Iran. This was part of a broader commitment by the International Energy Agency, comprising 32 countries, to release 400 million barrels of oil.

The permit from Thursday, which allows the delivery and sale of Russian crude oil and petroleum products loaded onto ships since March 12, will remain valid until midnight Washington time on April 11, according to the text of the permit published on the Treasury Department's website.

The U.S. Treasury Department previously issued a 30-day waiver specifically for India on March 5, allowing New Delhi to purchase Russian oil held at sea.

U.S. and Israeli attacks on Iran and Tehran's subsequent response have expanded regional tensions and paralyzed shipping traffic through the Strait of Hormuz, disrupting vital oil and gas flows in the Middle East and raising energy prices.

Iran's Islamic Revolutionary Guard Corps announced a blockade of oil deliveries from the Gulf until U.S. and Israeli attacks cease.