The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies, The Guardian reported. 

Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to keep prices low”, he said, after average US fuel prices rose by 65 cents per gallon in a month.

“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent claimed, according to The Guardian.