US considers lifting more sanctions on Russian oil as Iran conflict sees global prices surge

"We may unsanction other Russian oil. There are hundreds of millions of barrels of sanctioned crude on the water. And in essence, by unsanctioning them, Treasury can create a supply. We're going to keep a cadence of announcing measures to bring relief to the market during this conflict, with high oil prices a pain point both domestically and for international markets."

"The US-Israel war on Iran and Tehran's retaliatory attacks across the Gulf region have upended the world's energy and transport sectors, virtually halting activity in the strait of Hormuz. The price of crude oil soared 8.5% on Friday and was up nearly 30% for the week after the US president, Donald Trump, said that only the unconditional surrender of Iran would end the Middle East war."

"Washington has insisted that the new measures are not aimed at easing restrictions on Moscow, imposed over its conduct in negotiations to end the war in Ukraine, but instead only affect supplies already in transit. The US government temporarily eased economic sanctions to allow Russian oil currently stranded at sea to be sold to India."

US Treasury Secretary Scott Bessent announced Friday that the government is considering unsanctioning additional Russian oil to address global energy supply shortages. This follows temporary authorization for India to purchase sanctioned Russian crude already in transit. Crude oil prices surged 8.5% Friday and nearly 30% for the week after President Trump stated only Iran's unconditional surrender would end Middle East hostilities. The US-Israel conflict with Iran and subsequent Iranian retaliatory attacks have severely disrupted the Strait of Hormuz, halting regional transport and energy activity. The Treasury maintains these measures target existing supplies rather than easing broader Russia sanctions related to Ukraine. Officials plan continued announcements to relieve market pressure from elevated oil prices affecting domestic and international economies.

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