Oil prices traded around the highest levels since 2022 Friday, shrugging off the Trump administration’s earlier decision to temporarily allow the delivery and sale of sanctioned seaborne Russian crude – a waiver aimed at mitigating a surge in prices following its attacks on Iran.

The United States has temporarily lifted sanctions on Russian oil already at sea in an effort to stabilise global energy markets severely disrupted by the Iran war.

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.

Oil prices spiked above $100 a barrel amid the ongoing Iran conflict and supply disruptions in the Strait of Hormuz. On Friday, US Treasury Secretary Scott Bessent announced a temporary lifting of sanctions on Russian oil,

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.

The Trump administration is lifting sanctions on Russian oil to counter Iran’s stranglehold on Middle Eastern energy. The U.

Trump's announcement raises questions about U.S. plans to waive sanctions on Russian oil, after the temporary waiver officially expired April 11.

The war in Iran has shocked global energy markets by choking off oil shipments through the Strait of Hormuz. The Trump administration has responded frantically by temporarily unwinding its oil sanctions on Iran and Russia,