US Softens Sanctions on Russian Oil as Prices May Hit $200 Per Barrel

The United States has temporarily eased restrictions on Russian oil shipments, allowing nearly 100 million barrels already in transit to be sold and delivered to global buyers. The decision comes as oil prices surge and geopolitical tensions in the Middle East threaten global energy stability.

The move was confirmed in a general license issued by the Office of Foreign Assets Control of the US Department of the Treasury.

The license authorizes transactions necessary for the sale, delivery or unloading of Russian crude oil and petroleum products that were loaded onto vessels before 00:01 Eastern Daylight Time on March 12, 2026. These operations are permitted until 00:01 Eastern Daylight Time on April 11, 2026.

The document emphasizes that the authorization applies only to the specific activities listed and does not allow transactions involving Iran, its government or Iranian goods and services.

Russia Sees Growing Demand for Its Energy

Kirill Dmitriev, the special representative of the president of Russia for investment and economic cooperation with foreign countries, said the easing of restrictions is already producing results.

Commenting on reports that Thailand is ready to begin negotiations on purchasing Russian oil, Dmitriev noted that an increasing number of countries are turning to Russian hydrocarbons.

According to Dmitriev, the decision by US Treasury Secretary Scott Bessent to relax restrictions on the import of Russian oil also applies to shipments bound for India.

He argued that the move effectively acknowledges the importance of Russian energy supplies for maintaining stability in global markets.

Washington Calls the Measure Temporary

For its part, the US Department of the Treasury described the step as a short-term measure designed to stabilize global supply.

Scott Bessent stated that easing restrictions would expand the availability of oil on the global market and help prevent supply shortages.

"This decision is intended to broaden supply and expand the global reach of existing shipments,” Bessent said, adding that the measure is temporary and will not provide significant financial benefits to Russia.

Oil Prices Break the $100 Barrier

Global oil prices surged on March 12 after several days of fluctuations around the level of $90 per barrel for the benchmark Brent crude.

During Thursday trading, the price of one barrel of Brent exceeded the symbolic mark of $100.

The latest price jump followed announcements by several countries, including the United States, about releasing additional oil volumes from strategic reserves in an attempt to stabilize the market.

However, investors interpreted the move as a sign that the crisis may be deepening, especially amid reports that Iran is effectively blocking the Strait of Hormuz, one of the world's most important oil transport routes.

Iran Warns of Possible $200 Oil

Iranian officials have warned that a prolonged conflict could push oil prices dramatically higher.

"Expect oil prices to reach $200 in the near future,” a representative of the central headquarters of the Iranian military command Khatam al-Anbiya said.

Earlier, the Islamic Revolutionary Guard Corps declared that it would not allow any oil from the Middle East to be exported to the United States or other Western countries if the conflict continues.

Threat to Global Energy Supply

The warning followed the ongoing joint military operation by Israel and the United States against Iran.

According to Ali Mohammad Naini, an official representative of the Islamic Revolutionary Guard Corps, Tehran could block the transportation of Middle Eastern oil through the Strait of Hormuz for an extended period if hostilities escalate.

Energy analysts warn that such a scenario could trigger a major disruption in global energy markets and lead to a sharp spike in oil prices worldwide.