U.S. Issues 30-Day Waiver on Sanctioned Russian Oil Amid Global Crisis

The U.S. has granted a 30-day waiver allowing countries to purchase Russian oil stranded at sea, aiming to stabilize energy markets affected by the Iran war. This decision aims to lower oil prices amid regional tensions while being a strategic move by the Trump administration before midterms.

The United States has announced a 30-day waiver permitting countries to purchase Russian oil currently stranded at sea, a strategic decision aimed at stabilizing the global energy markets disrupted by the ongoing conflict in Iran. The move comes as a response to rising oil prices following the U.S. and Israeli strikes on Iran and ensuing tensions in the Middle East.

In an effort to also combat surging energy costs, Washington will release 172 million barrels of oil from the strategic petroleum reserve. The International Energy Agency (IEA) has committed to a broader release of 400 million barrels of oil against what it described as the biggest oil supply disruption in history.

While the waiver is expected to increase global oil supplies, it could complicate Western efforts to reduce Russia's revenue amid the war in Ukraine, with European leaders voicing concerns. The Trump administration is additionally considering measures such as waiving the Jones Act to alleviate domestic shipping constraints, aiming to address energy prices ahead of midterm elections.

(With inputs from agencies.)