The US State Department issued a 30-day permit to buy 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 follows a day after benchmark oil prices jumped 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 of the 32 members of the International Energy Agency to release 400 million barrels.

The permit, effective from Thursday, applies to oil and petroleum products loaded onto ships from March 12 and is in effect until midnight on April 11 (Washington time). India had previously received a similar 30-day exception for buying Russian oil at sea on March 5.

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