The temporary licence was granted as benchmark Brent crude traded around $101 per barrel by 1000 GMT, reflecting continued volatility in energy markets despite Washington’s move. Oil prices have surged nearly 40% since the start of the conflict, driven by fears that escalating hostilities could disrupt global supplies.

Financial markets in Asia also came under pressure as traders weighed the risks of prolonged instability in the Middle East, a region that remains central to global energy production and transportation.

Oil prices jumped about 9% to around $100 a barrel on Thursday as concerns intensified over the durability of supply chains during the ongoing conflict. Traders have been particularly focused on the security of the Strait of Hormuz, the narrow maritime corridor through which roughly one-fifth of the world’s oil supply passes.

Iran has attacked vessels in the strategic waterway during the current confrontation, heightening fears that further disruptions could ripple across global energy markets.

The waiver issued by Washington allows countries to buy Russian petroleum cargoes already at sea, where shipments frequently change ownership during transit. The measure is intended to increase short-term supply availability and reduce upward pressure on prices.

“The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long term,” said Scott Bessent, the U.S. Treasury secretary.

The energy market turbulence comes as the conflict between Israel and Iran entered its third week with continued missile exchanges.

Iran launched another barrage of missiles and drones toward Israel on Friday, while the Israeli military said it conducted air strikes across Tehran and continued operations against the Iranian-aligned Hezbollah militia in Lebanon, including strikes around the capital, Beirut.

Iranian media reported that rallies marking Quds Day began across Iran in support of Palestinians. Residents in Tehran and the nearby city of Karaj reported hearing explosions and fighter jets during Israeli strikes, according to local media coverage.

Energy traders have closely followed comments by Donald Trump regarding the likely duration of the conflict, which has added to volatility in oil markets and global equities.

The sharp rise in crude prices has contributed to declines in U.S. stocks and broader market unease as investors assess the potential for prolonged disruptions to energy flows.

The waiver allowing limited Russian oil transactions reflects Washington’s attempt to cushion global markets while the conflict continues to unfold across the region.

Rubio said in a statement that Washington had designated Afghanistan’s Taliban-led government as a “state sponsor of wrongful detention,” calling on Kabul to free all U.S. citizens currently held there, including Mahmood Habibi and Dennis Coyle.

Rubio accused the Taliban of using detention tactics to extract concessions. “The Taliban continues to use terrorist tactics, kidnapping individuals for ransom or to seek policy concessions,” he said, adding that the United States had concluded it was unsafe for Americans to travel to Afghanistan because of the risk of unjust detention.

Two sources familiar with the matter said Washington could restrict the use of U.S. passports for travel to Afghanistan if the Taliban authorities do not comply with U.S. demands.

Such restrictions currently apply only to travel to North Korea under U.S. regulations.

The United States is also seeking the return of the remains of Paul Overby, who was last seen near Afghanistan’s border with Pakistan in 2014, according to the sources.

Reuters was unable to reach Taliban officials for comment on the U.S. designation. The Taliban government has previously denied detaining Habibi, who formerly headed Afghanistan’s civil aviation authority.

The report that the United States was considering such a designation was first reported by CBS News earlier on Monday.

Rubio made a similar determination against Iran on Feb. 27 under an executive order signed by U.S. President Donald Trump in September. He warned that Washington could also restrict travel to Iran over the detention of U.S. citizens, although no such restrictions have been imposed.

The United States and Israel launched military operations against Iran the day after the designation was announced.