The US relaxes sanctions on Russian oil in response to the impact on Middle Eastern oil supply.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a general license document on the evening of the 12th, announcing the temporary relaxation of sanctions on Russian oil to cope with the impact on the energy market caused by the obstruction of shipping in the Strait of Hormuz. The OFAC authorized transactions such as sales, delivery, and unloading of Russian crude oil or petroleum products that have already been loaded from March 12 to April 11 Eastern Time. Previously, such transactions were prohibited by US domestic regulations or executive orders. US Treasury Secretary Janet Yellen stated on the evening of the 12th through social media platforms that as a targeted short-term measure, the US Treasury temporarily authorized the purchase of oil currently stranded at sea. This measure only applies to oil already in transit and will not bring significant economic benefits to the Russian government. According to the US Consumer News and Business Channel, approximately 124 million barrels of Russian oil are currently distributed at 30 locations worldwide. Due to the ongoing obstruction of shipping in the Strait of Hormuz, the price of New York crude oil futures rose by over 9% on the 12th, reaching a new high since late August 2022. The price of London Brent crude oil futures for delivery in May rose by $8.48 to close at $100.46 per barrel. Since the United States and Israel launched a large-scale military operation against Iran on February 28, the shipping in the Strait of Hormuz has been blocked, leading to a surge in international oil prices. Member countries of the International Energy Agency announced on the 11th that they had unanimously agreed to release a total of 400 million barrels of strategic oil reserves.