U.S. Treasury Secretary Scott Bessent said on Monday that the United States is issuing a 30-day general license to provide temporary access to Russian oil stranded at sea.
“This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” Bessent wrote on X.
Waiver aimed at easing supply disruptions
The United States had initially issued the waiver in a bid to ease oil supply shortages and high prices due to Iran’s closure of the Strait of Hormuz amid a U.S.-Israeli offensive, but the move has done little to calm U.S. gasoline prices.