US Treasury Secretary Scott Bessent said the temporary waiver was aimed at promoting "stability in global energy markets". The "short-term measure" would "not provide significant financial benefit to the Russian government", he cautioned. Russia said it had about 100 million barrels of oil currently in transit. Attacks on ships and energy infrastructure in the Gulf, as well as the effective closure of the Strait of Hormuz, have rocked global energy markets.

Oil prices climbed above $100 (£75) a barrel again on Thursday, while stock markets fell after three more cargo vessels were hit in the Gulf and Iran's new supreme leader vowed to keep blocking the major waterway. Around a fifth of the world's oil usually passes through the Strait of Hormuz. Oil tankers stranded in the Gulf, unable to traverse the narrow channel between Iran and Oman, have led to a growing supply crisis. The jump in energy prices has sparked domestic tensions in countries around the world, including the US, where US President Donald Trump was already facing pressure over economic issues. The latest figures show the economy was growing at an annualised rate of just 0.7% at the end of 2025, a much sharper deceleration than initially estimated. Bessent said the temporary sanctions waiver would last until 11 April and applied only to "permit countries". "The temporary increase in oil prices is a short-term and temporary disruption that will result in a massive benefit to our nation and economy in the long-term," Bessent said. (BBC)