The United States has announced a fresh 30-day general licence allowing countries, including India, to continue purchasing energy from Russia without attracting sanctions from Washington.
The move is aimed at stabilising surging global energy prices in the wake of the ongoing conflict involving the United States, Israel, and Iran. According to an official document issued by the US Treasury Department, the licence permits the purchase of oil shipments loaded onto vessels between April 17 and May 16. This extends an earlier 30-day exemption that expired on April 11.
The development comes just days after US Treasury Secretary Scott Bessent had indicated that the waiver would not be renewed. He had stated that the earlier exemption covered oil already in transit before March 11 and had largely been utilised. The previous licence, issued on March 20, is estimated to have facilitated the movement of approximately 140 million barrels of oil into global markets, helping ease supply pressures.
West Asia Conflict Drives Policy Shift
The policy adjustment comes against the backdrop of escalating tensions in West Asia. Following joint US-Israel strikes on Iran on February 28, Tehran retaliated with attacks across the Gulf region and subsequently blocked the Strait of Hormuz—a critical waterway that handles nearly one-fifth of global oil supply.
The disruption triggered a sharp global energy crisis, prompting several countries to urge Washington to allow alternative energy supplies to reach international markets.
Partial Stabilisation After Hormuz Reopens
On Friday, Iran announced the reopening of the Strait of Hormuz, leading to a decline in global oil prices by nearly 9%, with crude falling to around $90 per barrel.
However, concerns persist. According to estimates by the International Energy Agency, the conflict has already caused one of the most severe disruptions to global energy supplies in history, underscoring the continued volatility in international markets.
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