The US Trump administration, on April 17, renewed a waiver allowing countries to purchase Russian oil and petroleum products already loaded at sea for about a month, a move made to curb global energy prices as a result of the US and Israeli war on Iran, according to Reuters.

The Treasury Department posted the authorization on its website late Friday, allowing countries to buy Russian oil already loaded onto ships from April 17 through May 16.

The waiver replaces a previous 30-day exemption that expired on April 11, though it strictly excludes any transactions involving Iran, Cuba, or North Korea.

It is worth noting that global oil prices dropped 9% on Friday to approximately $90 per barrel after Iran temporarily reopened the Strait of Hormuz. In addition, the International Energy Agency (IEA) warns that current conflicts have caused the most significant energy supply disruption in history, damaging over 80 oil and gas facilities in the Middle East.

Kirill Dmitriev, a special envoy for Russian President Vladimir Putin, claimed the waiver would release another 100 million barrels (mmbbl) of Russian oil into the market, bringing the total under the two recent waivers to 200 mmbbl.

While Washington describes the measure as temporary, industry analysts suggest that further waivers may be necessary as global energy stabilization tools remain nearly exhausted.