The United States has issued a license to countries for a period of 30 days to purchase stranded Russian oil and petroleum products. This was done to help stabilize the global energy markets, which have been shook by the war against Iran.

In a statement released on X hours after the benchmark oil price soared above $100 a barrel, its highest level in almost four years, Bessent said that the measure wouldn't provide significant financial benefits to the Russian Government.

The announcement comes just a day after U.S. Energy Department announced that it would'release 172 million barrels from its strategic petroleum reserve to help curb the'skyrocketing prices of oil in the aftermath of the war with Iran. This release was part a larger commitment by the 32-nation International Energy Agency?to release 400 million barrels of oil.

According to the Treasury Department website, the text of Thursday's license that authorizes the "delivery and sales of Russian crude oil" and "petrochemical products" loaded on vessels from March 12 will remain valid until midnight Washington time April 11th.

The U.S. Treasury had previously issued a 30-day exemption?on 5 March specifically for India. This allowed New Delhi to purchase Russian oil that was stuck at sea.

In order to lower energy prices, President Donald Trump has ordered that the U.S. International Development Finance Corporation provide financial and political guarantees for the maritime trade in Gulf. He also said the U.S. Navy would be able to escort vessels in the area.

The U.S. and Israeli strikes against Iran, and the response from?Tehran has widened tensions in the region and paralyzed shipping along the Strait of Hormuz. This has disrupted vital Middle East oil and gas supplies and sent?energy prices up.

Iran's Islamic Revolutionary Guard Corps has raised the stakes in the global economy by threatening to block oil shipments out of the Gulf until the U.S.

(source: Reuters)