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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Russian President Vladimir Putin is prepared to hold negotiations with “everyone,” including European leaders, the Kremlin said on Friday, after reports that the European Union is considering possible talks with Moscow.
Ukraine’s military said it struck a Russian Karakurt-class small missile carrier in the Caspian Sea near Russia’s Dagestan region on Thursday. The extent of the damage is still being assessed, according to Kyiv.
The Treaty on the Non-Proliferation of Nuclear Weapons (NPT) remains central to efforts to curb nuclear arms. More than 50 years after entering into force, it faces mounting pressure from geopolitical rivalry, modernisation and disputes over disarmament.
The U.S military said it carried out retaliatory strikes on Iran on Thursday (7 May). Meanwhile, Iran's Joint Military Command accused the U.S. of breaching the ceasefire, by striking an Iranian oil tanker in the Strait of Hormuz and launching attacks on several Iranian cities.
The U.S. and Iran exchanged fire in and around the Strait of Hormuz, though both sides signalled they did not want escalation. The clashes come as Washington awaits Tehran’s response to a proposed deal to end the war while leaving key disputes, such as Iran’s nuclear programme, unresolved for now.
Singapore has isolated and is testing two of its residents who travelled aboard a cruise ship linked to a deadly hantavirus outbreak, the Communicable Diseases Agency (CDA) said on Thursday.
Efforts to end the U.S.-Iran war appeared to stall as the two sides exchanged fire in and around the Strait of Hormuz. A reported CIA assessment suggested Tehran could withstand a U.S. naval blockade for months despite mounting sanctions and renewed Gulf attacks.
Ukraine’s military said it struck a Russian Karakurt-class small missile carrier in the Caspian Sea near Russia’s Dagestan region on Thursday. The extent of the damage is still being assessed, according to Kyiv.
Somalia is facing a severe malnutrition crisis and urgently needs additional humanitarian funding to prevent conditions deteriorating further, the World Food Programme has warned.
British Prime Minister Keir Starmer vowed to carry on as leader on Friday (8 May) after his ruling Labour Party suffered heavy losses in local elections. Labour lost hundreds of councillors across the country, as some figures in the party said he should stand down.
Indonesian rescue teams have located two Singaporeans who went missing after Mount Dukono erupted on Friday (8 May) on the island of Halmahera, though authorities say it remains unclear whether they are alive.
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The U.S. Defense Department has released dozens of previously classified files on unidentified anomalous phenomena (UAP) on Friday (8 May), following an order from President Donald Trump. U.S. officials described as a push for “unprecedented transparency”.
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