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.
Iran's Islamic Revolutionary Guards Corps (IRGC) said in a Saturday statement that the Strait of Hormuz has...
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 ag...
Australia and Japan signed contracts on Saturday (18 April) launching their landmark A$10 billion ($7 billion) dea...
Global shipping through the Strait of Hormuz has shown signs of partial recovery after Iran announced it was open to commercial vessels during a li...
Iran reopened the Strait of Hormuz to commercial shipping on Friday (17 April) for the first time since the U.S. and Israel killed Iran's ex-Su...
The past 24 hours of the Russia-Ukraine war have seen a drastic escalation in both aerial bombardment and frontline losses.
Russia published addresses of manufacturers allegedly producing drones or components for Ukraine on Wednesday (15 April), warning European countries against plans to step up UAV supplies to Kyiv.
Russia unleashed missile and drone attacks on the Ukrainian capital Kyiv and other cities overnight, killing 13 people, including a 12-year-old child, injuring several dozens and badly damaging buildings, officials said on Thursday.
Relations between China and Russia are gaining fresh momentum, with recent developments highlighting closer military and diplomatic cooperation.
The past 24 hours of the Russia-Ukraine war have seen a drastic escalation in both aerial bombardment and frontline losses.
Iran reopened the Strait of Hormuz to commercial shipping on Friday (17 April) for the first time since the U.S. and Israel killed Iran's ex-Supreme Leader in air strikes, triggering the Middle East conflict, at the end of February. A U.S. blockade on Iranian ports, however, remains in force.
Russia published addresses of manufacturers allegedly producing drones or components for Ukraine on Wednesday (15 April), warning European countries against plans to step up UAV supplies to Kyiv.
Iran's Islamic Revolutionary Guards Corps (IRGC) said in a Saturday statement that the Strait of Hormuz has returned to its "previous state" under the control of its "armed forces," citing the ongoing U.S. blockade on Iranian ports.
Netflix shares fell sharply on Friday after the streaming group issued a weaker-than-expected outlook and said chairman and co-founder Reed Hastings will step down from the board.
Australia and Japan signed contracts on Saturday (18 April) launching their landmark A$10 billion ($7 billion) deal to supply Australia with warships, Tokyo's most consequential military sale since ending a military export ban in 2014.
Leaders from across Europe and beyond gathered in Paris on Friday for a summit aimed at managing the global impact of the Middle East conflict.
European leaders have set out plans for a coordinated defensive mission to restore freedom of navigation in the Strait of Hormuz, once security conditions allow, following talks involving more than 40 countries.
NeaNearly 900 Rohingya refugees were reported missing or dead in the Andaman Sea off Myanmar in 2025, making it the deadliest year on record, the United Nations Refugee Agency said on Friday.
Tens of thousands of people filled a stadium in Douala on Friday, hoping to catch a glimpse of Pope Leo during what is expected to be the largest event of his African tour.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment