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.

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 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,

Treasury Secretary Scott Bessent said the US may lift sanctions on further Russian oil supply after a move Thursday to give Indian refiners the green light to purchase crude from the nation.

Antonio Costa stresses maintaining economic pressure on Russia is 'decisive' to push Moscow toward negotiations | Anadolu

The United States had earlier imposed strict sanctions on Russia’s oil exports due to the ongoing war in Ukraine. These sanctions were designed to reduce Russia’s earnings and limit its economic strength.

German chancellor says decision is wrong and that pressure on Putin over Ukraine war should be increased

Several Western leaders have criticised Washington's move to temporarily allow purchases of Russian oil, warning it could weaken pressure on Moscow.