00:00It's Benzinga bringing Wall Street to Main Street
00:02The Trump administration issued a temporary authorization allowing countries to purchase
00:07Russian oil currently stranded at sea to stabilize global energy markets after the Iran-US war
00:12pushed Brent crude above $100 per barrel.
00:15Treasury Secretary Scott Besant announced this short-term measure on Friday and said
00:19it targets oil already in transit, according to Benzinga.
00:23The administration said the steppe injects supply into a volatile market without easing
00:28broader sanctions on Moscow.
00:29Besant said the policy applies only to oil already extracted and loaded, meaning most
00:34fiscal benefit to Russia already occurred through taxation at extraction.
00:38Besant said the waiver provides short-term market relief, while Trump's pro-energy policies
00:43have already pushed U.S. production to record levels, though current Middle East instability
00:47causing a temporary disruption.
00:49For all things money, visit Benzinga.com.
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