The U.S. is temporarily removing sanctions on Russian oil currently stranded at sea, Treasury Secretary Scott Bessent announced - the latest move by the Trump administration attempting to stymie soaring energy prices amid the war with Iran.

"President [Donald] Trump is taking decisive steps to promote stability in global energy markets and working to keep prices low as we address the threat and instability posed by the terrorist Iranian regime.

To increase the global reach of existing supply, US Treasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea. This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.

President Trump`s pro-energy policies have driven U.S. oil and gas production to record levels, contributing to lower fuel prices for hardworking Americans. The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term", - writes Bessent on the social platform X.