The administration of US President Donald Trump issued a one-month sanctions waiver on Friday allowing the sale of Russian oil and petroleum products that are already at sea, according to the US Treasury Department.
The waiver permits the purchase of oil and petroleum products loaded onto vessels as of Friday through 12:01 a.m. on May 16. It extends an earlier license that expired on April 11.
The Treasury Department issued the waiver two days after Treasury Secretary Scott Bessent said the United States would not renew the exemption for Russian oil or Iranian oil.
The measure follows earlier sanctions relief aimed at easing global energy supply disruptions linked to geopolitical tensions involving Iran and Israel.
Oil prices have increased in recent weeks, with US gasoline prices also rising, according to market data cited in the report.
The sanctions waiver could affect efforts to limit Russian oil revenue during its ongoing war in Ukraine, which began in 2022.
At a Group of Seven finance meeting in Washington this week, French Finance Minister Roland Lescure said Russia should not benefit from developments involving Iran and warned against collateral impacts on Ukraine.
The Strait of Hormuz, a key global shipping route for oil, has also been affected by regional tensions, contributing to volatility in energy markets.