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Oil prices have remained high despite Washington’s decision to temporarily allow deliveries from Russian tankers in a bid to ease price hikes triggered by the Iran war. Brent crude has hovered around USD 100 a barrel in today’s trading, up from about USD 73 before the US-Israeli attacks on Iran and Tehran’s blockade of the Strait of Hormuz, a key route for oil and natural gas transit.
The US administration has issued a license authorizing the delivery and sale of Russian crude oil and petroleum products loaded on vessels as of March 12, 2026. The transactions are authorized through April 11.
Countries will be allowed to buy Russian oil until April 11
The US is temporarily permitting countries to purchase Russian oil currently stranded at sea, according to US Treasury Secretary Scott Bessent.
“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 wrote on X.
The measure is expected to release 100 million barrels of oil that Russia currently has in transit, according to reports. Earlier this month, the US allowed India to buy Russian oil that was already at sea.
Russia has 100 million barrels of oil at sea
The prices of crude oil and natural gas have surged since the onset of the Middle East crisis.
US President Donald Trump recently stated that the spikes would be short-lived and that oil prices would “drop rapidly.” For its part, Tehran has said the world should “get ready for the oil barrel to be at USD 200.”
Oil tankers have been attacked in the Strait of Hormuz, with Iran reportedly deploying mines in the water. Tehran had previously threatened to “set fire” to any vessel attempting to pass through the strait, the transit corridor for more than 20% of global maritime oil and liquefied natural gas (LNG) shipments.
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