#Cargo

Treasury Extends Russian Oil Sanctions Relief as Hormuz Crisis Tightens Global Supplies

U.S. Treasury Secretary Scott Bessent announced a temporary 30-day general license allowing vulnerable nations to access Russian oil cargoes stranded at sea, aiming to stabilize global crude markets amid Strait of Hormuz disruption. The measure expands on earlier OFAC sanctions relief from March and seeks to redirect supply away from China's discounted stockpiling while supporting energy-dependent countries. Analysts warn prolonged Hormuz closure could tighten crude availability and increase freight and insurance costs for developing economies.