More oil as the war drags on.
As the fragile ceasefire between the US and Iran still holds, with ‘serious negotiations’ being held, the effects of the closure of the Strait of Hormuz are still affecting oil prices and the energy security of many countries.
Today (18), Treasury Secretary Scott Bessent announced that the Donald J. Trump administration will extend for another month a waiver that allows the sale of Russian crude that is already loaded on tankers.
Politico reported:
“The move is aimed at keeping more oil on global markets and tempering crude prices as the war in Iran, now nearing its third month, continues to choke off shipping through the Strait of Hormuz. But critics have blasted the waiver as allowing Russia to profit from elevated oil prices and enriching Moscow’s war machine.”
The US Treasury Department has extended the exemption from sanctions against Russian oil for another month. pic.twitter.com/KEDwApPO3q
— Chay Bowes (@BowesChay) May 18, 2026
“The general license from Treasury’s Office of Foreign Assets Control allows any country to purchase Russian oil already on the water for another month. It extends the sanctions relief, first issued in March and renewed in April, for a third month.
‘This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries’, Bessent said in an X post. ‘It will also help reroute existing supply to countries most in need by reducing China’s ability to stockpile discounted oil’.”
Reuters reported:
“A source familiar with the decision had told Reuters that the second waiver extension was requested by poor and vulnerable countries that cannot get Gulf oil shipments due to the U.S.-Israeli war with Iran and the closure of the Strait of Hormuz.
‘This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed’, Bessent said. ‘This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries’.
Bessent said the measure would help reroute existing supply to countries most in need, allowing them to compete with China for previously sanctioned oil.”
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