The United States government has allowed temporary purchases of Russian oil. This applies to oil and petroleum products already loaded onto ships at sea.
This decision is a temporary measure. It aims to reduce the economic impact of the US-Israel war with Iran on global markets.
US Treasury Secretary Scott Bessent announced the policy. He said it is designed to promote stability in global energy markets.
The price of oil has recently gone above $100 per barrel. This increase is linked to the escalating conflict.
The temporary allowance is in effect while the conflict continues. Details on the exact duration were not immediately provided.
The conflict has created uncertainty in the international oil trade. This has led to significant price hikes.