US may ease more Russian oil sanctions as crude prices surge above $90
Scott Bessent says the US may lift additional sanctions on Russian oil after allowing Indian refiners to buy Russian crude, in a bid to steady markets as oil climbs above US$90 a barrel.
US Treasury Secretary Scott Bessent said the United States may ease additional sanctions on Russian oil after approving Indian refineries’ purchases of Russian crude on Thursday.
“To ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil,” Bessent said in an interview with Fox Business on Friday. “We may unsanction other Russian oil.”
Bessent said there are currently “hundreds of millions of barrels” of sanctioned Russian crude floating at sea. “In essence, by unsanctioning them, Treasury can create supply,” he said.
Brent crude rose above US$90 a barrel on Friday (March 6) as fighting in the region prompted tankers to avoid the Strait of Hormuz. Some investors and energy executives warned that prices could climb above US$100 a barrel if the conflict drags on.
Preventing ‘chaos’
To unlock supply from the region, the Trump administration has launched a plan for the US International Development Finance Corp to set up a reinsurance programme to cover losses of up to around US$20 billion for vessels passing through the strait.
Echoing other officials, Bessent said he expected the US military campaign against Iran to succeed. “Our campaign has been overwhelming,” he said. “They are trying to create economic chaos, and I do not think they are going to be able to do it.”
Earlier on Friday, US President Donald Trump called on Iran’s leaders to “surrender unconditionally” and signalled that the United States would continue striking targets in Iran until the government gave in. Bessent said Friday night would see the “biggest” barrage since the attacks began last weekend.
“We have considered all this,” he said. “This is in the president’s calculus, and things are proceeding as planned.”
