U.S. Treasury Secretary Scott Bessent announced on Monday that the United States is issuing a 30-day general license aimed at granting temporary access to Russian oil that is currently stranded at sea. Bessent stated, “This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed. This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries,” in a post on X (formerly Twitter).
The initial waiver was introduced to address oil supply shortages and rising prices triggered by Iran’s closure of the Strait of Hormuz amid a U.S.-Israeli military operation. However, this action has reportedly had a limited effect on reducing U.S. gasoline prices.
In related developments, industry forecasts suggest that oil flows are expected to approach approximately 1.9 million barrels per day in May, indicating a return to peak levels, according to Kpler data.
Published on May 18, 2026.
