Trump Eases Russian Oil Sanctions as Prices Surge

The Trump administration has issued a 30-day waiver allowing countries to purchase Russian oil and petroleum products currently at sea. Treasury Secretary Scott Bessent stated the move aims to stabilize global energy markets impacted by the ongoing conflict with Iran. This decision comes as crude oil prices have surged, and analysts estimate approximately 125 million barrels of Russian oil are currently in transit. The administration acknowledges the measure could benefit Russia, but maintains it is a short-term step necessary to address market instability. Bessent described the situation as “unfortunate” regarding potential Russian gains, emphasizing the priority is calming energy markets jolted by the war. The waiver represents the latest effort to mitigate the economic fallout stemming from the conflict with Iran.