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Due to the ongoing US-Israel war with Iran, global crude oil prices have risen above $100. To mitigate this, the Trump administration has temporarily allowed other countries to purchase oil from Russia, as several Russian oil tankers are stranded at sea.

Previously, the US had offered to ease sanctions on India to allow it to purchase crude oil from Russia. However, Indian officials have stated that India is not dependent on any country’s permission to purchase oil.

Permission to purchase oil only from ships stranded at sea

The US Treasury Department (Finance Ministry) issued a license on Thursday. Under this license, delivery and sale of Russian crude oil and petroleum products that were loaded onto ships before 12:01 am on March 12th can be made.

This exemption is valid only until April 11th. US Treasury Secretary Scott Bessent said that its aim is to increase the supply of oil across the world, so that rising prices can be controlled.

Crude oil is trading above $100

Global crude oil prices are rising today. Brent crude is trading near $100 per barrel. Previously, on March 9, Brent crude had reached $120.