NEW DELHI: The US administration has announced a 30-day waiver allowing countries to purchase sanctioned Russian oil and petroleum products that are currently stranded at sea, in an effort to stabilise global energy markets after benchmark crude prices surged above USD 100 per barrel.

The temporary authorisation, issued by the United States Department of the Treasury, comes as global oil supplies face severe disruption due to the ongoing war in the Middle East and the closure of the strategically critical Strait of Hormuz by Iran.

The strait normally carries a significant portion of the world’s seaborne oil exports, and its shutdown has intensified supply fears, pushing global prices sharply higher.

In a statement, the administration said the move is a “narrowly tailored, short-term measure” designed only to release oil shipments that were already in transit before sanctions took effect.

“President Trump is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the Iranian regime,” the administration said.

Officials emphasised that the waiver applies only to Russian oil already stranded at sea, and does not open the door to new purchases from Russia. According to the Treasury Department, the measure is structured to avoid providing significant financial benefit to the Russian government, which derives most of its energy revenue from taxes collected at the point of extraction rather than from shipments already exported.

The administration also highlighted what it described as the success of Trump’s pro-energy policies, noting that U.S. oil and gas production has reached record levels.

Officials argued that while the current spike in oil prices represents a short-term disruption caused by geopolitical tensions, the broader strategy will ultimately benefit the U.S. economy and help maintain energy stability.

Energy analysts say the waiver could quickly add several million barrels of oil to the global market, potentially easing immediate supply shortages while the Middle East conflict continues to threaten key shipping routes.