US Treasury Secretary Scott Bessent has issued a temporary 30-day general licence to allow access to Russian oil imports, according to a Sky News broadcast. The move comes as global oil supplies remain under severe pressure due to the ongoing Iran war, which has disrupted shipping through the Strait of Hormuz and left major economies scrambling for alternative sources of crude.
The decision represents a notable policy reversal. A second temporary licence had already expired over the weekend, and Bessent had previously stated publicly that he would not extend it again. However, mounting pressure from the oil shortage appears to have forced a change of course. The United States has maintained sanctions on Russian oil since the invasion of Ukraine, making this temporary easing a significant shift in Washington's approach.
The Iran war has caused widespread disruption to global energy markets, particularly through the effective closure of the Strait of Hormuz, one of the world's most critical chokepoints for oil transportation. With a large portion of Middle Eastern crude unable to reach international markets through conventional routes, governments around the world have been forced to seek alternative supplies to prevent domestic fuel shortages and further price increases.
By temporarily lifting restrictions on Russian oil, the US administration is acknowledging the scale of the supply crisis. The 30-day window is designed to provide short-term relief while longer-term solutions to the energy shortfall are pursued. It remains unclear whether the licence will be renewed once it expires, given Bessent's earlier reluctance to extend it.
The decision highlights the broader economic pressure that the Hormuz strait closure is creating globally. Nations that had previously committed to reducing their dependence on Russian energy are now confronting the reality that the Iran conflict has left few alternatives available at sufficient scale. How long this temporary arrangement lasts, and whether it marks the beginning of a wider relaxation of sanctions, will depend heavily on developments in the Iran war and the pace of any diplomatic resolution.
This article was produced by AVALW News based on live broadcast monitoring of Sky News (detected 2026-05-18 at 16:39 UTC). The original broadcast can be viewed here: https://www.youtube.com/watch?v=YDvsBbKfLPA