Washington: The United States is temporarily allowing the sale of Russian oil currently at sea as energy prices soar due to escalating tensions in the Middle East. The U.S. Treasury Department announced the decision on Thursday, following U.S.-Israeli strikes on Iran that have plunged the region into conflict.

According to France24.com, this decision represents a temporary relaxation of the economic sanctions imposed on Russia due to its invasion of Ukraine. The Treasury Department issued a license permitting the delivery and sale of Russian crude oil and petroleum products loaded on vessels before 12:01 am Eastern Time on March 12, with the authorization lasting until 12:01 am on April 11.

Last week, Washington temporarily allowed Russian oil stranded at sea to be sold to India, marking a strategic shift in response to the ongoing energy crisis. U.S. Treasury Secretary Scott Bessent emphasized that this authorization aims to "increase the global reach of existing supply" but stressed that it is a "narrowly tailored, short-term measure."

Bessent assured that this move would not significantly benefit the Russian government financially, as most of Russia's energy revenue is derived from taxes at the point of extraction. He also noted that President Donald Trump's administration is considering lifting sanctions on additional Russian oil.

The conflict in the Middle East has severely disrupted global energy and transportation sectors, particularly affecting the Strait of Hormuz, a critical passageway for a fifth of the world's oil supply.