The United States Treasury Department has issued a fresh temporary waiver permitting the sale and transport of sanctioned Russian oil stranded at sea. The move is intended to stabilise global energy markets that have been unsettled by the ongoing conflict in West Asia.

The licence, announced on Friday, authorises countries to purchase Russian crude and petroleum products loaded onto vessels as of 17 April, with validity until 16 May. This replaces a previous 30‑day waiver that expired on 11 April.

According to the official licence, all transactions ordinarily incident and necessary to the sale, delivery, or offloading of Russian crude or petroleum products loaded on vessels on or before 12:01 a.m. EDT, 17 April, are authorised until 12:01 a.m. EDT, 16 May.

However, the waiver maintains strict exclusions, prohibiting any transactions involving Iran, Cuba, North Korea, or the covered regions of Ukraine, including Crimea, as defined by existing executive orders.

The development comes shortly after remarks by United States Treasury Secretary Scott Bessent, who had stated on Wednesday that Washington would not renew the general licence allowing limited transactions involving Russian and Iranian oil.

He had emphasised that the earlier licence covered oil already on the water before 11 March, which he said had been used.

Reports suggest the first waiver could free up around 100 million barrels of crude, nearly equivalent to one day of global oil production. This figure was cited by Kirill Dmitriev, a Russian presidential envoy, according to Al Jazeera.

The decision has drawn criticism from some Western leaders, with European Commission President Ursula von der Leyen warning that such waivers risk undermining sanctions designed to restrict Russia’s revenue streams linked to its war in Ukraine.

Oil markets reacted sharply to related developments. Brent crude fell by more than 9 per cent, settling at USD 90.38 per barrel, its lowest level since 10 March. The drop followed comments by Iran’s foreign minister that the Strait of Hormuz would open to all commercial vessels during the ceasefire.

Iran, however, has insisted that maritime movement through the Strait of Hormuz will remain under its strict control. Tehran has declared that passage will only be permitted via designated routes and with Iranian authorisation.

Parliament Speaker Mohammad Bagher Ghalibaf reinforced this position, stating that whether the Strait is open or closed will be determined by conditions on the ground rather than social media commentary.

Meanwhile, US President Donald Trump said on Friday that any agreement with Iran would not take effect until it is fully finalised. Speaking at a Turning Point USA event in Phoenix, Arizona, he claimed major diplomatic and security breakthroughs involving Tehran, Israel and Lebanon.

He welcomed Iran’s announcement that the Strait of Hormuz was open for full passage but stressed that the US naval blockade would remain in force until the transaction with Iran was 100 per cent complete and signed.

He described the blockade as a product of his first term, built by what he called “the greatest navy in the world” and “the greatest military the world has ever seen.”

ANI