The United States has extended the easing of sanctions on oil sales from Iranian and Russian ships for an additional 30 days. The decision was announced by U.S. Treasury Secretary Scott Bessent, who said it followed requests from countries facing potential oil shortages due to the closure of the Strait of Hormuz.

Bessent told the Senate Appropriations Subcommittee that finance ministers from about ten countries made the appeal during last week’s meetings of the International Monetary Fund and the World Bank. The move marks a reversal from Bessent’s earlier statement last week, when he said the relaxation period would not be extended.

According to the report, the extension aims to ease supply concerns among nations dependent on oil shipments affected by the regional disruption.