US Administration Grants Temporary License for Limited Russian Oil Purchases Amid Global Market Pressure

Washington D.C. -- The US administration has granted temporary permission to some countries to purchase a limited amount of oil from Russia. The administration led by President Donald Trump issued this new license on Thursday. According to US Treasury Secretary Scott Bessent, the temporary permission was given to sell Russian oil shipments stuck at sea with the aim of increasing supply in the global market.

He stated via social media that this is only a short-term and limited authorization. He added that since the main part of Russia's energy revenue comes from taxes imposed during oil extraction, this will not provide significant financial benefit to the Russian government.

According to the license issued by the US Treasury Department, only Russian crude oil or petroleum products loaded onto ships by March 12 will fall under this rule. They are permitted to be sold or supplied until April 11.

Meanwhile, pressure has increased on the global energy market due to the war with Iran. As the Strait of Hormuz in West Asia is virtually closed, the transit of about 20 percent of the world's oil that uses this route has been affected.

As the war drags on, oil prices in the international market have risen sharply. Brent crude oil prices have recently surpassed $100 per barrel. Analysts have warned that even if the war ends quickly, there is little chance of the Strait of Hormuz route reopening immediately.