U.S. Eases Oil Trade Sanctions Amid Global Energy Crisis

The U.S. has issued a new general license permitting the sale of Russian oil through April 11. This license applies to oil loaded by March 12, announced amid a broader effort to release oil reserves globally, in response to rising prices due to tensions in Iran.

The United States on Thursday unveiled a new Russia-related general license, allowing the sale of Russian crude oil and petroleum products-laden vessels through April 11, as per the Treasury Department website.

The license pertains to oil and petroleum products loaded on vessels by March 12. This comes a day after the U.S. Department of Energy declared the release of 172 million barrels of oil from the strategic petroleum reserve, a move aimed at mitigating soaring oil prices amidst the ongoing conflict in Iran.

The release forms part of a wider initiative by the International Energy Agency, which comprises 32 nations, to collectively release 400 million barrels of oil to stabilize global energy markets.