US Treasury Secretary signals further Russian oil sanction relief to boost supply, amid soaring crude prices driven by Middle East conflict.

WASHINGTON: US Treasury Secretary Scott Bessent has indicated the government may lift sanctions on more Russian oil to increase market supply.

This follows a temporary authorisation allowing India to purchase stranded Russian crude, as global prices surge due to Middle East conflict.

“We may unsanction other Russian oil,” Bessent told Fox Business.

“There are hundreds of millions of barrels of sanctioned crude on the water. And in essence, by unsanctioning them, Treasury can create a supply.”

He stated the administration would maintain “a cadence of announcing measures to bring relief to the market during this conflict”.

Washington insists the new measures are not aimed at easing broader restrictions on Moscow over Ukraine.

Officials say they only affect Russian oil supplies already in transit.

Crude prices soared 8.5% on Friday and were up nearly 30% for the week.

The surge followed President Donald Trump’s demand for Iran’s “unconditional surrender” to end the US-Israel war with Tehran.

Iran’s retaliatory attacks have upended global energy and transport sectors, virtually halting activity in the Strait of Hormuz.

On Thursday, the US temporarily eased sanctions to allow Russian oil stranded at sea to be sold to India.

 The Sun Malaysia