US likely to renew Russian oil waiver amid Iran war-driven price surge, Reuters reports

Prefer on Google by Lucy Pakhnyuk Illustrative purposes: A Russian oil field run by Rosneft Oil Company near the village of Sokolovka, Nov. 2020. (Andrey Rudakov/Bloomberg via Getty Images) The United States is likely to extend a waiver allowing countries to purchase sanctioned Russian oil and petroleum products, Reuters reported April 10, citing two sources familiar with the matter. The move by the Trump administration is reportedly aimed at easing global gas and oil prices that have surged following the outbreak of the war in Iran. On March 12, the U.S. Treasury Department issued a temporary license permitting countries to buy Russian oil stranded at sea, an effort to stabilize energy markets as the conflict drove prices higher. The license is set to expire April 11. Kremlin envoy Kirill Dmitriev, who visited the U.S. earlier this week ahead of the waiver expiration, said the license could free up to 100 million barrels of Russian crude — roughly equivalent to about a day of global oil output. U.S. Treasury Secretary Scott Bessent met with U.S. President Donald Trump at the White House on April 9 to discuss extending the waiver, and both agreed it was a good idea, one source told Reuters, speaking on condition of anonymity. Officials at the White House and the Treasury Department did not immediately respond to Reuters' requests for comment. Global oil and gas prices have risen sharply since the United States and Israel first launched strikes on Iran on Feb. 28. In response, Tehran closed the Strait of Hormuz, a key shipping route that carries about 20% of the world's oil supply. While easing sanctions could increase global energy supplies, critics warn it may undermine Western efforts to limit Russia's revenue for its war in Ukraine and could strain relations with U.S. allies, who have cautioned against easing sanctions on Moscow . At the same time, Ukraine's allies have reportedly asked Kyiv to hold off on striking Russian oil refineries, citing concerns over global energy prices.