US grants 30 day waiver to buy Russian oil amid Iran war energy crisis

The United States has granted a 30 day waiver allowing countries to purchase sanctioned Russian oil already stranded at sea, a move aimed at calming global energy markets shaken by the ongoing Iran war.

The decision was announced by US Treasury Secretary Scott Bessent, who said the temporary waiver is intended to help stabilize energy markets after sharp disruptions caused by the conflict in the Middle East.

Oil prices in Asia eased on Friday morning (March 13, 2026), following the announcement.

The waiver is the latest step taken by the administration of President Donald Trump to control rising energy prices. The surge began after US and Israeli strikes on Iran and Tehran’s response increased tensions in the region and disrupted shipping through the Strait of Hormuz, a key route for global oil and gas supplies.

The disruption has slowed vital energy shipments from the Middle East and pushed global oil prices higher.

Earlier this week, Washington also announced the release of 172 million barrels of oil from the US Strategic Petroleum Reserve in an effort to reduce rapidly rising oil prices linked to the war in Iran.

That release is part of a wider effort by the International Energy Agency, a group of 32 countries, which pledged to release a total of 400 million barrels of oil to help stabilize supply.

The IEA said on Thursday (March 12) that the conflict in the Middle East is causing the largest oil supply disruption ever recorded.

According to the license issued by the US Treasury Department on Thursday, the waiver allows the delivery and sale of Russian crude oil and petroleum products that were loaded onto vessels by March 12, 2026.

The authorization will remain valid until midnight Washington time on April 11, 2026.

The decision also reflects concerns in the White House that rising oil prices following nearly two weeks of US and Israeli strikes on Iran could affect American businesses and consumers ahead of the November midterm elections, when Republicans hope to maintain control of Congress.