The US has granted a second authorization allowing countries to purchase more Russian oil that is currently stranded on tankers because of sanctions, as part of the White House’s efforts to prevent a rise in prices.
The news follows U.S. Treasury Secretary Scott Bessent’s statement on Thursday via a post on X, where he described the measure as a “narrowly tailored, short-term measure” that only affects oil already in transit.
“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,” Bessent said.
Roughly 124 million barrels of Russia-origin oil are at sea across 30 locations globally, enough for about five to six days of supply.
Brent oil has increased by roughly 40% since the Iran war started, pushing up fuel prices worldwide, including gasoline in the US.
By CEO NA Editorial Staff
