LPG and oil crisis LIVE: Oil drops after U.S. issues license for countries to buy Russian oil for 30 days

Amid rising oil prices, the Trump administration has announced a temporary authorisation to other countries to purchase Russian oil currently stranded at sea, as there were no immediate signs of an early end to the U.S. war on Iran.

The U.S. had granted a similar waiver from sanctions to India to buy Russian oil as part of efforts to cool down oil prices that have been on the rise since the outbreak of war on February 28.

“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime,” U.S. Treasury Secretary Scott Bessent said in a post on X on Thursday (March 12, 2026).

On March 5, the US had issued a 30-day waiver allowing India to buy Russian oil, having previously imposed heavy sanctions related to the war in Ukraine.

“To increase the global reach of existing supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea,” Mr. Bessent said.

He said this narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.

“President Trump’s pro-energy policies have driven US oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. 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,” Mr. Bessent said. — PTI