More good news for Putin from this administration. What a shock. Just as we find out that Russia is helping Iran target our troops, Treasury Secretary Scott Bessent tells Fox Business Network's Larry Kudlow that they may lift sanctions on Russian oil.

Here's the exchange from Kudlow's show this Friday where the two of them were also desperate to downplay what this is going to do to oil prices around the world and gas prices here in the United States for God only knows how long.

KUDLOW: I'm sitting up here last night with Ed Yardeni. You know him. Smart economist, one of the best in the business. And he's saying to me, talking about this reinsurance plan and the naval accompaniment, the sooner you get a bunch of ships going through the Strait of Hormuz to their destinations, bunch of oil tankers, the sooner oil prices are going to peak and start coming down.

That's what his point was. I'm going to echo that point. I think the world just wants to see it. Let's get the Navy. The Navy can be helpful. It's not a hard thing to do. And the world is awash in oil. That's not the problem. It's just this.

BESSENT: Larry, the world is very well supplied in oil. Yesterday, Treasury agreed to let our allies in India start buying Russian oil that was already on the water.

The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did. They were going to substitute it with U.S. oil, but to ease the temporary gap of oil around the world, we have given them permission to accept the Russian oil.

We may unsanction other Russian oil. The other thing Treasury can do here, Larry, is there are hundreds of millions of sanctioned... barrels of sanctioned crude on the water.

And in essence, by unsanctioning them, Treasury can create supply. And we are looking at that. We're going to keep a cadence of announcing measures to bring relief to the market during this conflict.

Larry, I'm sure you agree with me that in our investment careers, the best investment you made was looking to the other side. And the other side here is that once this is over, then oil prices are going to be sustainably lower and in a safer position for years, if not decades to come. So I would encourage people to look to the other side of this.

As CNBC reported, oil prices surged 35 percent this week for biggest gain in futures trading history dating back to 1983, and the Trump administration's announcement that they're going to offer a $20 billion insurance program for oil tankers in the Persian Gulf did little to calm the markets.

Here's more from their article:

President Donald Trump on Friday demanded unconditional surrender from Iran, raising fears of a prolonged war that could wreak havoc on the global oil and gas market. The war has already brought traffic in the Strait of Hormuz, a critical shipping route for energy supplies, to a near standstill.

Qatar’s energy minister, Saad al-Kaabi, told The Financial Times on Friday that crude prices could reach $150 per barrel in the coming weeks if oil tankers were unable to pass through the Strait.

This could “bring down the economies of the world,” Kaabi said.

“Everybody that has not called for force majeure we expect will do so in the next few days that this continues,” Kaabi told the FT. “All exporters in the Gulf region will have to call force majeure. If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”