The United States has issued a fresh 30-day waiver allowing limited transactions involving Russian-origin crude oil, as it looks to ease pressure on global energy prices amid escalating tensions in West Asia.
The US Treasury Department released the updated general license on Thursday, replacing an earlier approval granted on March 12. The new waiver will remain in effect until April 11 and applies to shipments of Russian oil that were already loaded onto tankers as of March 12.
The move comes as the fighting in the region starts to shake energy markets, with oil and gas prices climbing on worries that supplies might get disrupted.
What the new waiver allows and excludes
According to a Reuters report, the revised license largely retains the conditions of the earlier approval but introduces specific exclusions. Transactions linked to North Korea, Cuba, and Crimea are not permitted under the updated waiver.
Officials say the decision is part of a broader attempt by the Donald Trump administration to keep energy prices from spiralling further.
US Treasury Secretary Scott Bessent indicated that Washington is also reviewing other supply options, including the possible release of Iranian oil currently at sea.
“In the coming days, we may un-sanction the Iranian oil that’s on the water. It’s about 140 million barrels,” Bessent said in an interview with Fox News, adding that such a move could temporarily ease supply pressures.
He added that this volume represents approximately “10 days to 2 weeks of supply, that the Iranians had been pushing out, that would have all gone to China.”
“In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign,” said Bessent.
He suggested that these reserves could be used strategically to stabilise prices in the short term as the conflict continues.
War-driven volatility shakes global energy markets
The waiver comes at a time when energy supply chains are under strain due to intensifying hostilities in West Asia.
An Israel-linked strike on Iran’s South Pars gas field, followed by Iranian attacks on Qatar’s LNG infrastructure, has heightened fears of a wider disruption.
Qatar, one of the world’s largest LNG exporters, had already halted production earlier this month after drone strikes hit key industrial facilities.
With nearly a fifth of global LNG shipments tied to Qatar, according to Kpler, the developments have added to concerns over a potential supply crunch.
Oil benchmarks, including Brent crude, have climbed in recent days, while natural gas prices have also surged as markets react to the uncertainty.