The U.S. Treasury Department on Friday extended its pause on sanctions on Russian oil shipments to ease shortages from the Iran war, days after Secretary Scott Bessent ruled out such a move.

The US-Israel war on Iran, launched on February 28, has roiled global energy and equities markets after Tehran virtually closed the key Strait of Hormuz.

At 9.25 am on Friday, June Brent oil futures were at $98.17, down by 1.23 per cent, and May crude oil futures on WTI (West Texas Intermediate) were at $93.43, down by 1.33 per cent.