As Crude Prices Surge, US Lifts Sanctions on Russian Oil ‘Already at Sea’

 

NS Champion is considered by the US Office of Foreign Assets Control to be one of the vessels in the Russian shadow fleet – Photo By Kees Torn/Wiki Commons

Much-maligned Russian ‘shadow fleet’ comes for the save.

As the military conflict in Iran develops, the situation of the global energy markets is worsening by the day, with the mullahs’ regime targeting both oil facilities and oil tankers with a barrage of missiles and drones.

In an effort to mitigate this dire situation, the US has ‘temporarily lifted sanctions’ on Russian oil that’s already at sea.

The US is expanding relief of Russian oil sanctions to soothe oil markets — allowing countries to purchase Russian crude already in transit. Purchases resume being illegal next month. @CBSNews

— Jennifer Jacobs (@JenniferJJacobs) March 13, 2026

The Telegraph reported:

“The Treasury Department issued the exemptions on Thursday evening, with the measure set to remain in place until April 11.

The decision is expected to add hundreds of millions of barrels of crude to global markets, easing prices that have hovered near $100 a barrel as a result of the conflict.”

.@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.

To increase the global reach of existing supply, @USTreasury is providing a temporary…

— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026

“@POTUS is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.

To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea. This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.

President Trump’s pro-energy policies have driven U.S. oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term.”

The New York Post reported:

“There are an estimated 124 million barrels of oil originating from Moscow at sea, which is enough for about five to six days of supply, according to CNBC.

[…] As the war against Iran continues, oil prices surged to $100 per barrel on Thursday. The price of a barrel of Brent crude, the international standard, climbed 9.2% to settle at $100.46.

Iranian Supreme Leader Mojtaba Khamenei, meanwhile, vowed Thursday to keep the Strait of Hormuz closed as a ‘tool to pressure the enemy’.”

BREAKING:

Iran just struck a large oil tanker in Iraqi territorial waters.

The vessel has been engulfed in flames pic.twitter.com/Tvg3lnkmNV

— Visegrád 24 (@visegrad24) March 11, 2026