Image used for representative purpose only. | Photo Credit: Reuters The U.S. on Thursday (March 12, 2026) issued a new Russia-related general license that allows the sale of Russian crude oil and petroleum products loaded on vessels through April 11, according to the Treasury Department website. Follow LPG and oil crisis LIVE updates The license, which covers oil and petroleum products loaded on vessels as of March 12, comes a day after the U.S. Department of Energy announced that the U.S. would be releasing 172 million barrels of oil from the strategic petroleum reserve in an effort to curb sky-rocketing oil prices in the wake of the war in Iran. That release was part of a broader commitment by the 32-nation International Energy Agency to release 400 million barrels of oil. Published – March 13, 2026 07:46 am IST Share this: Click to share on WhatsApp (Opens in new window) WhatsApp Click to share on Facebook (Opens in new window) Facebook Click to share on Threads (Opens in new window) Threads Click to share on X (Opens in new window) X Click to share on Telegram (Opens in new window) Telegram Click to share on LinkedIn (Opens in new window) LinkedIn Click to share on Pinterest (Opens in new window) Pinterest Click to email a link to a friend (Opens in new window) Email More Click to print (Opens in new window) Print Click to share on Reddit (Opens in new window) Reddit Click to share on Tumblr (Opens in new window) Tumblr Click to share on Pocket (Opens in new window) Pocket Click to share on Mastodon (Opens in new window) Mastodon Click to share on Nextdoor (Opens in new window) Nextdoor Click to share on Bluesky (Opens in new window) Bluesky Like this:Like Loading... Post navigation Cost escalation and delays haunt Bengaluru Metro project LPG and oil crisis LIVE: Oil drops after U.S. issues license for countries to buy Russian oil for 30 days