US General License 134 Temporarily Frees Russian Oil at Sea Amid Hormuz Crisis

On March 12, 2026, the US Treasury's OFAC issued General License No. 134, temporarily allowing Russian oil loaded before that date to be sold, delivered and unloaded until April 11. The move, driven by the Hormuz Strait shutdown and oil prices rising above $100 per barrel, releases around 120 million barrels already at sea without authorizing new production or exports. Moscow has framed the step as recognition of Russia's role in market stability, while divisions within the G7 and warnings of potential $150–$200 oil highlight the broader risk of a deeper supply shock.