US Treasury Secretary Scott Bessent said it was a temporary measure to promote stability in global energy markets during the war, the BBC reports.
The approval will be valid until April 11th.
"This narrowly targeted, short-term measure only applies to oil already in transit and will not bring significant financial benefits to the Russian government," Bessent said.
Attacks on ships and energy infrastructure in the Gulf, as well as the de facto closure of the key Strait of Hormuz waterway, have shaken global energy markets.
Oil prices rose above $100 a barrel again on Thursday, while stock markets fell after three more cargo ships were hit in the Gulf and Iran's new supreme leader vowed to continue blocking the strait.
