US Treasury Secretary Scott Bessent in Washington, DC, US, March 27, 2026. Photo: REUTERS/Jonathan Ernst

i24 News – The Trump administration has authorized a 30-day emergency waiver allowing the maritime purchase of Russian oil, reversing a hardline stance in an effort to stabilize skyrocketing global energy prices.

The Treasury Department announced Friday that the license for crude and petroleum products will remain in effect until May 16, 2026, responding to intense pressure from international partners struggling with the fallout of the war with Iran.

This policy pivot comes as a surprise after Treasury Secretary Scott Bessent suggested earlier this week that no further exemptions would be granted:

“As negotiations with Iran accelerate, the administration seeks to ensure oil availability for those who need it most. We must prevent a total price collapse for consumers while the geopolitical situation remains volatile.”

Ensuring global oil availability is paramount for the US as over 80 energy facilities in the Middle East have been damaged by recent war with Iran. With the November midterm elections approaching, record-high fuel prices at the pump remain a primary vulnerability for the Republican party. By allowing Russian oil back into the maritime flow, the administration hopes to neutralize “pain at the pump” before voters head to the polls.