The Trump administration extended a sanctions exemption on some Russian oil as prices continue to skyrocket in the wake of the U.S.- Israeli war against Iran on Friday (17 April).
The move comes just two days after Treasury Secretary Scott Bessent announced that the U.S. would not extend such an exemption on the sale of Russian oil.
Gas prices have surged since the war in the Middle East began on 28 February, rising over 30% to above $4 per gallon for gasoline and more than 40% to over $5 for diesel in the U.S., according to American Automobile Association (AAA).
The Trump administration initially loosened restrictions on Russian oil exports that were stranded at sea after the war with Iran disrupted energy markets, aiming to reduce oil prices by allowing countries to legally purchase hundreds of millions of barrels of previously blacklisted crude.
As the war has extended into its second month, and with gas prices in the U.S. continuing to surge upward, the initial sanctions waiver on Russian oil that expired on 11 April will now be continued and extended until 16 May.
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% of the world’s oil, was completely open to all commercial ships.
U.S. President Trump celebrated the move by claiming on a social media post that the "Hormuz Strait situation is over" and that Iran had agreed to never close the waterway again.
Iran's foreign minister, Abbas Araghchi, said the waterway would be open "for the remaining period of cease-fire" between the U.S. 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 ceasefire ends.
U.S. Senate Democrats, including Jeanne Shaheen, Chuck Schumer and Elizabeth Warren, condemned Trump’s extension of the sanctions exemption in a joint statement.
"This decision is shameful and a 180-degree reversal from Secretary Bessent, just two days after he pledged not to extend sanctions relief for Russia," their statement read.
The Democratic senators said the president's move to extend the sanctions exemption benefits Russia the most.
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