U.S. Issues 30-Day License to Stabilize Energy Markets Amid Iran Conflict

The United States has granted a 30-day license for countries to purchase Russian oil stranded at sea, aiming to stabilize the volatile energy market amid the conflict in Iran, according to Treasury Secretary Scott Bessent.

This announcement follows the U.S. Energy Department’s decision to release 172 million barrels from the strategic petroleum reserve, contributing to a collective release of 400 million barrels by the International Energy Agency. The Middle East conflict has resulted in the largest oil supply disruption in history, sending prices soaring above $100 per barrel.

The temporary license, valid through April 11, coincides with measures such as risk insurance for maritime trade and potential waivers on shipping rules to facilitate energy delivery. These strategic moves are part of the Trump administration’s effort to control energy prices while maintaining economic stability amidst geopolitical tensions.