US Panicked, Russia Finally Courted
US Treasury Secretary Scott Bessent has acknowledged considering the easing of economic sanctions on certain volumes of Russian crude oil to help stabilise global energy prices and supplies following escalation in the Middle East.
As reported, the United States and Israel launched a combined air strike against Iran since late February 2026, prompting retaliatory attacks targeting Washington DC military bases across the Middle East region.
This escalation has disrupted shipping through the Strait of Hormuz, a vital energy shipping corridor through which approximately one-fifth of global oil and liquefied natural gas supplies pass. Global oil prices have surged as the conflict approached one week and the strait remained closed to maritime traffic.
Brent crude oil rose approximately 30 per cent to above US$94 (Rp1.58 million) per barrel, marking the largest weekly increase since April 2020. The US WTI benchmark rose more than 38 per cent, briefly exceeding US$92 (Rp1.55 million) per barrel and marking the largest weekly jump since at least the oil boom of 1985.
Treasury Secretary Bessent stated that Washington DC had already granted India “permission” to purchase Russian crude oil “to reduce temporary oil shortages worldwide.” He also noted that the US “may revoke sanctions on other Russian oil” to further increase supplies.
“We will continue to announce measures to provide assistance to the market during this conflict. We pledge that US Navy vessels will begin escorting civilian ships through the Strait of Hormuz within one or two weeks,” he claimed, as reported by Russia Today on Thursday, 12 March 2026.
India and China have become the primary buyers of Russian crude oil following US and European Union sanctions against Moscow over the escalation of the Ukraine conflict in February 2022.
Washington DC has long pressed New Delhi to halt such imports, with US Ambassador to India Sergio Gor stating last month that the White House is using trade negotiations to encourage India to purchase Venezuelan oil instead.
US President Donald Trump claimed that New Delhi “agreed to stop” shipments from Moscow. However, India has never confirmed such a commitment.