Washington: The US may consider lifting sanctions on additional Russian oil shipments to ease a temporary global supply gap, Treasury Secretary Scott Bessent told Fox News on Friday. The remarks follow a US decision to issue a temporary 30-day waiver allowing Indian refiners to purchase Russian oil in an effort to maintain global supply.

According to Anadolu Agency, Bessent stated that the Indians had been cooperative actors, complying with a US request to halt purchases of sanctioned Russian oil this fall. India had planned to replace these purchases with US crude; however, the Treasury Department granted permission for Russian oil imports to help address the supply shortfall.

Bessent mentioned that the Treasury Department is currently examining the possibility of releasing additional sanctioned Russian crude shipments to the market. He noted, "We may unsanction other Russian oil. There are hundreds of millions of barrels of sanctioned crude on the water. By unsanctioning them, Treasury can create supply."

Furthermore, Bessent indicated that the Trump administration plans to continue announcing measures aimed at alleviating pressure on global energy markets. The comments arrive amid escalating tensions in the Middle East that have disrupted shipping through the Strait of Hormuz, a critical corridor for global energy trade.

Traffic through the waterway has sharply slowed following attacks by the US and Israel on Iran, along with Tehran's retaliatory strikes, contributing to rising oil prices and concerns about supply.