Treasury Secretary Scott Bessent said the US may lift sanctions on more Russian oil after granting Indian refiners permission to purchase crude already in transit. In a Fox Business interview, Bessent revealed that Treasury agreed to let India buy Russian oil that was already on the water, suggesting similar moves could follow to ease global supply constraints.

Bessent indicated there are 'hundreds of millions of sanctioned barrels' of crude currently available, and by lifting restrictions, Treasury could effectively increase supply. The comments come as Brent crude prices surged past $90 a barrel Friday, driven by tensions in the Strait of Hormuz that have kept tankers away from the region. Some traders warn prices could exceed $100 if the conflict persists.

The Trump administration is also rolling out a $20 billion reinsurance plan through the US International Development Finance Corp. to protect vessels traversing the strait. Bessent expressed confidence in US efforts against Iran, saying the campaign has been 'overwhelming' and that Iranian attempts to create economic chaos will fail.