The US will not extend export licences for Russian and Iranian oil
US Treasury Secretary Scott Bessent has stated that the United States will not extend the general licences that permitted the temporary sale of certain volumes of Russian and Iranian oil.
He emphasised that the licence for Russian oil had already expired on Saturday, and that the licence for Iranian oil expires on Sunday. Earlier, the Donald Trump administration had indicated that it did not plan to renew these licences.
The temporary licences allowed for the purchase of oil that had already been loaded onto ships, despite the sanctions restrictions.
Against this backdrop, the situation in the Strait of Hormuz remains tense. Around a fifth of global oil supplies usually pass through it, but supplies are now significantly hampered.
The disruption to logistics has led to a rise in oil prices, affecting Asian countries that rely on energy imports from the region. Since the start of the war, global oil prices have risen by more than 30 per cent. On Wednesday, futures were trading at around $95 per barrel.
Several Asian countries, including India and the Philippines, have appealed to the US to extend the exemptions on Russian oil, but their requests have not been granted.
At the same time, the US is open to the possibility of granting individual exemptions for specific companies or countries. During a telephone conversation with Donald Trump, Indian Prime Minister Narendra Modi emphasised the importance of ensuring the safety of shipping in the Strait of Hormuz.
The issue of possible limited permits was not raised during the briefing.
Since the US and Israeli air strikes on Iran began in February, the situation in the region has affected tanker traffic. The blockade of the Strait of Hormuz is putting additional pressure on oil supplies, which could lead to a reduction in supply on the global market.
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