The U.S. Treasury has extended a waiver permitting the sale of some Russian oil for an additional month, despite a previous declaration that no extension was planned. The new decision keeps the license in effect until May 16, reflecting Washington’s effort to contain energy price volatility amid regional tensions.
Details
The extension comes just days after Treasury Secretary Scott Bessent confirmed the waiver would not be renewed, particularly for Russian oil shipments stranded at sea before sanctions were eased in March. However, the administration reversed course and broadened the exemption as part of a policy to loosen restrictions on Russian exports, aiming to inject hundreds of millions of barrels into the market and bring prices down.
The decision coincided with an Iranian announcement to reopen the Strait of Hormuz to commercial shipping—a route that previously carried about one-fifth of global oil supplies. The announcement pushed prices lower, but uncertainty remains, as Tehran tied continued access to the duration of the ceasefire while maintaining strict monitoring of the passage.
In the background, the war continues to impact energy markets. U.S. gasoline prices have risen by about 25% in a single month, while Brent crude remains elevated despite record withdrawals from strategic reserves.
What’s Next?
Focus is now shifted to anticipated U.S.-Iran negotiations and the fate of the ceasefire, both of which will directly influence the stability of oil supplies and global prices.
