U.S. Gas Station [AP=Yonhap News]

The U.S. government announced on the 12th (local time) that it will temporarily allow the sale of Russian crude oil and petroleum products.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a new general license on this day, approving the sale of Russian crude oil and petroleum products loaded onto vessels before 12:01 AM until April 11.

This measure comes in response to soaring oil prices as the Middle East region is engulfed in war due to U.S. and Israeli airstrikes on Iran.