The United States Secretary of the Treasury,
Scott Bessent, announced this Wednesday the 30-day extension of the
special permit that authorizes the
commercialization of Russian oil, a measure adopted after more than ten countries formally requested relief during the recent meetings of the
International Monetary Fund and the World Bank in Washington.
Bessent explained in a hearing before the Senate that the decision responds to global concern about the stability of the
energy markets and the impact of new restrictions in the context of the war against Iran.
The extension contrasts with the initial position of the Treasury, which had ruled out the extension at the beginning of last week. However, on Friday night, the US administration modified its position after assessing the risks of increasing pressure on global supply and received the explicit backing of strategic allies.
“The exchange line would benefit both the United Arab Emirates and the United States”, Bessent said, referring to the possibility of offering a currency exchange mechanism to stabilize the economies of the Gulf countries affected by the crisis in the Strait of Hormuz. U.S. Treasury Secretary Scott Bessent during a Senate hearing on the Department's budget for 2027.
During the hearing, Bessent addressed the effect of the war on fuel prices, underlining that the conflict has raised the average cost of gasoline in the United States above four dollars per gallon, compared to the $2.98 recorded before the start of hostilities at the end of February.
The official was optimistic and stated that once military operations are completed and normality is restored on export routes, "
gasoline prices could be lower than before the war began."
The Treasury Secretary detailed that the
United Arab Emirates and other Gulf countries have requested assistance through dollar swaps to avoid hasty liquidations of US assets, a trend observed as these nations seek to secure liquidity amid the disruption of their oil revenues.
Bessent insisted that maintaining flexibility and financial cooperation is essential to prevent further turbulence in global markets and ensure the stability of capital flows. File image of a crude oil extraction pump operating in Walsheim, near Landau (EFE/EPA/RONALD WITTEK)
Maximum Pressure on Iran
Error en el proceso de traducción
The secretary defended the continuation of the naval blockade imposed by the United States around Iran's ports, stating that the encirclement will drastically reduce the exporting capacity of the Persian country in a matter of days.
“
The Kharg Island warehouses will be full and the fragile Iranian oil wells will be shut down”, Bessent warned.
The official emphasized that Operation Epic Fury seeks to weaken the flow of foreign currency that sustains the Iranian state apparatus and limit the financing of its military activities.
Bessent noted that the Treasury has increased pressure with new sanctions against individuals and companies linked to the development of missiles and the transfer of weapons technology to Iran.
The US stance comes in a context of diplomatic uncertainty, while the second round of negotiations in Islamabad remains without a confirmed date. Iran's Revolutionary Guard seized several ships in the Strait of Hormuz.
President
Donald Trump opted to extend the ceasefire indefinitely, pending a consensus proposal from Tehran, although he warned that Washington's patience will have a limit if concrete progress is not achieved.
From Iran, the speaker of Parliament, Mohammad Ghalibaf, downplayed the impact of the truce and equated the naval blockade with direct aggression, reiterating that "the United States is not in a position to impose conditions."
The U.S. administration continues to bet on the tightening of sanctions and economic isolation as the main way to force a change of course in Iranian policy, convinced that financial pressure is the most effective tool to weaken the regime and limit its regional influence.
Spanish
