The Trump administration temporarily lifted sanctions on Russian oil “stranded at sea” Thursday in an effort to contain skyrocketing energy prices due to Iranian threats against tanker ships.

The United States did not extend a sanctions exemption that had allowed the sale of some Russian oil, stepping back from a contentious plan to try and contain global crude prices that was also providing an economic windfall to Moscow.

Moscow on Friday urged the United States to lift more sanctions on its oil exports to stabilise the global energy markets, upended by the war in the Middle East.

After announcing that the Strait of Hormuz is open, Iran said it would close the vital waterway again unless the United States lifted its blockade. Iran says it will close Strait of Hormuz unless US lifts blockade US renews sanctions waiver for Russian oil.