Volatile Energy Markets as US Relaxes Russian Oil Purchases

The United States government has granted a temporary 30-day permit allowing several countries to purchase Russian crude oil and petroleum products currently held at sea.

The policy was announced following sharp increases in global oil prices caused by escalating tensions between the US-Israel alliance and Iran, which has triggered volatility in global energy markets.

According to Reuters on Friday 13 March 2026, US Treasury Secretary Scott Bessent stated that the permit aims to help stabilise global energy markets shaken by the conflict with Iran.

The announcement came just hours after Brent crude oil breached $100 per barrel, the highest level in nearly four years.

The permit allows the shipment and sale of Russian crude oil and petroleum products already loaded onto vessels until 12 March 2026. Based on documents published on the US Department of Treasury website, the permit remains valid until 23:59 Washington time on 11 April 2026.

This latest development follows the US Department of Energy’s announcement of plans to release 172 million barrels of oil from the Strategic Petroleum Reserve.

The policy aims to prevent further energy price spikes following the outbreak of conflict with Iran.

The reserve release forms part of a broader commitment from the International Energy Agency, comprising 32 member countries, to release a total of 400 million barrels of oil onto global markets.

Trump also stated that the US Navy can escort vessels operating in the region.

Regional tensions in the Middle East have escalated following US and Israeli strikes against Iran, which subsequently retaliated.

This situation has disrupted shipping activity through the Strait of Hormuz and hindered the flow of oil and gas from the Middle East.

These disruptions have also driven increases in global energy prices.

Iran’s Islamic Revolutionary Guards Corps has stated it will block oil shipments from the Persian Gulf region should US and Israeli attacks continue.