India, May 18 -- US Treasury Secretary Scott Bessent said the Treasury would extend for 30 days a sanctions waiver allowing trade in Russian seaborne oil after several countries requested more time to continue purchases.

Washington had introduced the exemption to ease oil supply concerns and rising prices after Iran closed the Strait of Hormuz during the US-Israeli offensive, though the move has done little to ease gasoline prices in the United States.

"US Treasury is issuing a temporary 30-day general license to provide the most vulnerable nations with the ability to temporarily access Russian oil currently stranded at sea," said US Treasury Secretary Scott Bessent.

"This extension will provide additional flexibility, and we will work...