President Donald Trump temporarily lifted sanctions on Russian oil stranded at sea Thursday as his administration moves to stabilize energy markets during the escalating war with Iran.
Treasury Secretary Scott Bessent announced the move in a post on X, describing the action as a limited exemption designed to calm rising oil prices. The Treasury Department confirmed the carveout will last until April 11.
The policy allows certain Russian oil shipments already stuck at sea to move through markets without triggering U.S. sanctions.
Bessent framed the decision as part of a broader effort to protect global energy supply while the Middle East conflict intensifies.
.@POTUS 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, @USTreasury is providing a temporary…
— Treasury Secretary Scott Bessent (@SecScottBessent) March 12, 2026
“President 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,” Bessent wrote.
The Treasury secretary insisted the temporary waiver will not benefit Moscow.
The measure was “narrowly tailored” and “will not provide significant financial benefit to the Russian government,” Bessent explained.
Energy prices have surged since U.S. and Israeli forces launched strikes on Iran.
Iran controls territory along the Strait of Hormuz, a vital global oil shipping route.
Gasoline prices have followed crude oil higher. The national average gas price reached about $3.60 per gallon Thursday. Just one month earlier, the average stood near $2.94.
Bessent argued the administration’s broader energy strategy still favors American consumers.
“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,” Bessent wrote.
“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.”
The Russian oil exemption followed another step taken by the administration earlier in the week. Washington allowed India to purchase Russian oil shipments for a 30 day window.
Trump also ordered a major release from the Strategic Petroleum Reserve. The administration authorized the release of 172 million barrels from the emergency stockpile.
The energy moves came as Iran escalated threats in the region. Iran’s new supreme leader Mojtaba Khamenei declared Thursday that Tehran will continue blocking the Strait of Hormuz.
In a message broadcast on Iranian state television, Khamenei warned the strategic waterway will remain closed.
“The lever of blocking the Strait of Hormuz must definitely continue to be used,” Khamenei stated.
The leader also threatened to expand the conflict beyond current battle zones.
“Other fronts” could open in the war “in which the enemy has little experience,” he warned if U.S. and Israeli strikes continue.
The Strait of Hormuz carries roughly one fifth of the world’s oil supply.
Commercial vessels traveling through the narrow channel have faced attacks from Iranian drones, missiles and fast boats.
Six cargo ships were struck in two days this week. Three vessels were hit Wednesday and three more were struck Thursday.
Iran’s Islamic Revolutionary Guard Corps claimed responsibility for one of those attacks.
Nineteen ships have been targeted near the Iranian coast since fighting intensified.
U.S. forces have responded with military operations in the waterway. The Pentagon confirmed that American troops destroyed 16 Iranian mine laying vessels in the strait.
Trump downplayed concerns about the maritime threat. “We’ve knocked out all of their boats,” Trump told reporters at Joint Base Andrews.
“They have some missiles, but not very many. I think we’re in very good … we’re in very good shape.”
The Iranian leader delivered additional threats in his televised message.
Khamenei warned that Iran would retaliate for casualties caused by the war.
🚨 VENEZUELAN DICTATOR NICOLAS MADURO IN U.S. CUSTODY 🚨 Do you AGREE Trump made America STRONG again??? ➡️➡️➡️ TAKE THE FREEDOM POLL NOW and stand with President Trump!!!🇺🇸🇺🇸🇺🇸
He also demanded that the United States remove its military presence from the Middle East.
“The countries of the region must close down the US military bases; otherwise, we will be forced to attack them,” Khamenei said.
The conflict has also fueled heated political debate inside the United States.
Pennsylvania Democratic Sen. John Fetterman voiced support for eliminating Iran’s leadership.
“Well, they should kill him, too … hopefully he is significantly wounded,” Fetterman said during an interview on NewsNation.
“And if he does recover, you know, I do absolutely support having Israel to just eliminate him, you know, along with any other parts of the leadership.”
“I mean, I’m always going to support that. I think it’s a good thing to continue to eliminate leaders of Hezbollah, Hamas and the Iranian, too,” he added.
Another controversy erupted after a U.S. airstrike struck a girls’ school in southern Iran on Feb. 28. The strike killed 175 people.
The Shajarah Tayyebeh elementary school sat next to an Islamic Revolutionary Guard Corps compound.
Investigators believe the attack may have been caused by faulty intelligence used for targeting. The New York Times reported the strike may have been a military error.
A person familiar with the Defense Department investigation told The Associated Press that targeting data relied on outdated information from the Defense Intelligence Agency.
Trump raised doubts about the U.S. military being responsible when reporters questioned him about the strike.
The president noted that Tomahawk missiles are widely available weapons.
When reporters pointed to evidence showing a Tomahawk was used, Trump suggested Iran could have carried out the strike.
He told reporters the missile type was “very generic” and “sold to other countries.”
Pressed again about the incident, Trump acknowledged uncertainty. “I just don’t know enough about it,” Trump responded.
Democratic leaders blasted the president’s comments. Senate Minority Leader Chuck Schumer accused Trump of spreading false claims about the strike.
“He claims that Iranian Tomahawk missiles were responsible for the bombing of an all girls school that killed 170 people, including many children,” Schumer said on the Senate floor. “Iran doesn’t have Tomahawk missiles, Donald Trump!”
Chuck Schumer says Trump is a pathological liar who is falsely claiming Iran bombed their own school twice, firing Tomahawk missiles they don't even have, says, "He claims that Iranian Tomahawk missiles were responsible for the bombing of an all girls school that killed 170… pic.twitter.com/PUenZaabgf
— Simon Ateba (@simonateba) March 10, 2026
“The claim is beyond asinine,” Schumer added. “Again, he says whatever pops into his head no matter what the truth is.”
The New York senator demanded a full investigation into the bombing. “There needs to be accountability,” Schumer said.
New York Democratic Sen. Kirsten Gillibrand also demanded answers. She called for Defense Secretary Pete Hegseth to step down over the strike.
“I want to know what Secretary Hegseth knew about this targeting,” Gillibrand told CNN. “I don’t think we have had the oversight and accountability that we are entitled to.”
Gillibrand argued Congress has not received adequate briefings about the conflict. “I have a great deal of questions, and I think Secretary Hegseth should resign because of this failure in being more precise,” she added.
The American people deserve answers from Trump on his deadly missile strike that hit an Iranian elementary school and killed children.
Hegseth has proven time and time again that he is not fit to lead. Trump must put our country first and fire Hegseth. pic.twitter.com/ysS1Kjc8eH
— Kirsten Gillibrand (@SenGillibrand) March 12, 2026
Forty six senators have pressed the Pentagon for answers about the strike. Lawmakers requested details about how intelligence analysis was conducted and whether the school was mistakenly targeted.
“There must be a swift investigation into the strikes on this school and any other potential U.S. military actions causing civilian harm,” the senators wrote in a letter.
The Pentagon has declined to comment on the preliminary investigation.
Texas Democratic Senate candidate James Talarico also criticized the strike during a television interview.
Here’s why MAGA is attacking our movement:
There’s a new war in the Middle East.
There’s a cost of living crisis.
There’s a secret pedophile ring.They're hoping Americans care more about culture wars than actual wars. More about pronouns than prices.
We're not falling for it. pic.twitter.com/F9MYIpJxis
— James Talarico (@jamestalarico) March 13, 2026
“As a former educator, as someone who has fought for students and kids in the halls of the Texas Capitol, it makes me sick to my stomach to see our foreign policy take the lives of innocent children in Iran and in the Middle East,” Talarico said.
“It has to end. We, again, need a foreign policy that reflects our values.”
