HOUSTON (United States), April 18 (Bernama-Anadolu) -- The Trump administration on Friday extended a sanctions exemption on some Russian oil as prices continue to skyrocket in the wake of the US–Israeli war against Iran, Anadolu Ajansi reported.
The move comes just two days after Treasury Secretary Scott Bessent announced that the US would not extend such an exemption on the sale of Russian oil.
Gas prices have skyrocketed since the war in West Asia began on Feb. 28, with the average price in the US rising by more than 30 per cent to over US$4 per gallon for regular unleaded petrol and by more than 40 per cent to above US$5 per gallon for diesel, according to figures released by the American Automobile Association (AAA).
The Trump administration initially loosened restrictions on Russian oil exports that were stranded at sea after the war with Iran rattled energy markets, with the goal of lowering oil prices by allowing countries to legally purchase hundreds of millions of barrels of crude oil that the US had blacklisted.
As the war has extended into its second month, and with gas prices in the US continuing to rise, the initial sanctions waiver on Russian oil that expired on April 11 has now been extended until May 16.
The last-minute renewal of Russia’s sanctions exemption came as Iran announced earlier on Friday that the Strait of Hormuz, a vital waterway that once carried 20 per cent of the world’s oil, was completely open to all commercial ships.
President Donald Trump celebrated the move by claiming in a social media post that the "Hormuz Strait situation is over" and that Iran had agreed to never close the waterway again.
Iran, however, has made no such commitment. The country's foreign minister, Abbas Araghchi, said the waterway would be open "for the remaining period of ceasefire" between the US and Iran, which is set to expire next week. American and Iranian negotiators are expected to meet for another round of peace talks in Pakistan before the truce ends.
-- BERNAMA-ANADOLU
