U.S. Treasury Extends General License for Russian Oil

U.S. Treasury Secretary Scott Bessent announced on Monday that the United States will issue a 30-day general license to facilitate temporary access to Russian oil currently stranded at sea.

According to Bessent, this extension is designed to provide additional flexibility and support nations through specific licenses if necessary. The move is intended to stabilize the physical crude market, ensuring that oil reaches the most energy-vulnerable countries, as announced on X, formerly known as Twitter.

This general license was initially issued to relieve oil supply shortages and high prices, attributed to the closure of the Strait of Hormuz amid a U.S.-Israeli offensive. However, the measure has not significantly affected U.S. gasoline prices.

(With inputs from agencies.)