The US State Department issued a 30-day license for the purchase of Russian crude oil and petroleum products at sea. According to Treasury Secretary Scott Bessent, this represents "a step toward stabilizing global energy markets affected by the war against Iran".

The announcement comes a day after benchmark oil prices surged above $100 per barrel - the highest level in nearly four years. The US Department of Energy simultaneously announced it will release 172 million barrels from strategic oil reserves, as part of the broader commitment by 32 International Energy Agency members to release 400 million barrels.

The license, effective from Thursday, covers oil and products loaded onto vessels from March 12 and is valid until midnight April 11 (Washington time). India had previously received a similar 30-day exemption for purchasing Russian oil at sea on March 5.

US-Israeli operations against Iran, along with Tehran's responses, have disrupted critical energy flows through the Strait of Hormuz. Iran's Revolutionary Guard announced it is blocking oil transit from the Gulf until US-Israeli operations cease.