New Delhi, March 13 -- US Treasury Secretary Scott Bessent on Thursday (local time) announced a temporary authorization for nations to purchase Russian oil stranded at sea in a bid to contain skyrocketing oil prices in the wake of the war between US-Israel and Iran.

Stating that US President Donald Trump was "taking decisive steps to promote stability in global energy markets and working to keep prices low", Bessent said that that the measure announced was "short-term" and applied to only oil stranded at sea.

"To increase the global reach of existing supply, [US Treasury Department[ is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea," said Bessent.

"This narrowly tailored, short...