US Treasury Secretary Scott Bessent announced on Monday that the department would issue a temporary 30-day general license to allow access to Russian oil stranded at sea as global energy prices continue to surge due to the Iran war.

"This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed," Bessent said on X. "This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries."

This marks the second time US authorities have extended the temporary measure. The previous waiver for Russian at-sea oil expired on May 16.