Trump eases Russian oil sanctions as Iran war sends prices spiking

The United States has temporarily lifted sanctions on Russian oil, a boost to the Kremlin as Washington tries to contain energy prices sent soaring by the American-Israeli assault on Iran

The United States has temporarily lifted sanctions on Russian oil, a boost to the Kremlin as Washington tries to contain energy prices sent soaring by the American-Israeli assault on Iran.

President Vladimir Putin’s team welcomed the move to ease penalties that were imposed over Russia’s invasion of Ukraine, and pushed Friday for the U.S. to go further. The decision caused dismay in Europe, where officials feared it would give a timely boost to the Moscow war machine on their doorstep as attention shifts to the Middle East.

The announcement failed to immediately calm oil prices, which have spiraled since Tehran effectively closed the vital Strait of Hormuz oil chokepoint and began attacking energy facilities across neighboring Gulf countries.

The international benchmark of Brent crude rose again overnight, sitting just above $100 a barrel as of 6 a.m. ET. Markets worldwide slipped, with U.S. stock futures down following slumps across Asia and Europe.

Announcing the move Thursday evening, Treasury Secretary Scott Bessent said that until April 11 countries would be able to buy Russian oil that was already at sea.