US Relaxes Russian Oil Curbs Over Energy Surge

The United States has allowed countries to buy Russian oil and petroleum that are already loaded on ships at sea despite existing sanctions. Officials introduced the move to reduce the economic impact caused by the ongoing US-Israel conflict with Iran and to stabilise global energy supplies. The temporary authorisation will remain in effect until 11 April and applies only to oil shipments already in transit. US Treasury Secretary Scott Bessent said the step aims to support stability in global energy markets and will not bring significant financial benefits to Russia. Authorities described the measure as a limited and short-term response to rising energy pressures.

Recent attacks on ships and energy infrastructure in the Gulf have shaken global energy markets and increased concerns about supply disruptions. The conflict has also led to the effective closure of the vital Strait of Hormuz, a key route for global oil transportation. Iran’s leadership has vowed to continue blocking the waterway as tensions rise in the region. The situation has intensified uncertainty in international markets and raised fears of prolonged disruptions. These developments have forced governments and energy agencies to monitor the crisis closely.

Oil prices climbed above $100 per barrel after several cargo vessels were attacked in the Gulf, triggering declines in global stock markets. Investors reacted cautiously as geopolitical tensions escalated and supply risks increased. Around one-fifth of the world’s oil normally passes through the Strait of Hormuz. Any disruption to this narrow waterway can significantly affect global energy supply. The recent spike in prices has therefore raised concerns among major energy-importing nations.

Also Read: LPG Shortage Fuels Black Marketing: Restaurants Face Heat

US allows limited Russian oil sales to ease energy pressure

Energy prices remained relatively stable during early trading in Asia the following day despite the earlier surge. Brent crude traded slightly lower at around $100 per barrel, while US oil prices also recorded a small decline. Governments and global energy organisations have started taking steps to control the situation. The International Energy Agency announced plans to release a record 400 million barrels of oil to stabilise global markets. Officials hope the move will help ease pressure on supply.

Several Asian countries have introduced new measures to manage rising fuel costs and reduce consumption. The Philippines, which relies heavily on Middle Eastern oil imports, has asked public sector workers to shift to a four-day working week to conserve fuel. Meanwhile, Japan, South Korea and Thailand have introduced temporary caps on petrol prices to protect consumers. Authorities across the region are closely monitoring the energy situation. These steps aim to limit the economic impact of higher oil prices.

US officials believe the recent rise in energy prices will remain temporary despite ongoing tensions in the region. They have emphasised that the current disruptions could eventually bring long-term benefits to the national economy. Authorities are also preparing additional measures to secure global energy routes. Plans include escorting vessels through the Strait of Hormuz once conditions allow safe navigation. Officials say such steps will help ensure the safe flow of oil shipments through the critical waterway.

Also Read: NEET UG 2026 Applicants Allowed to Modify Registration Details by March 14