Trump administration announces 30-day waiver on Russian oil stranded at sea as concerns over US-Israel war on Iran unsettles markets

• Middle East crisis – live updates

The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies.

Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to keep prices low” , he said, after average US fuel prices rose by 65 cents per gallon in a month.

Trump administration announces 30-day waiver on Russian oil stranded at sea as concerns over US-Israel war on Iran unsettles markets

• Middle East crisis – live updates

The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies.

Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to keep prices low” , he said, after average US fuel prices rose by 65 cents per gallon in a month.

Trump administration announces 30-day waiver on Russian oil stranded at sea as concerns over US-Israel war on Iran unsettles markets

• Middle East crisis – live updates

The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies.

Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to keep prices low” , he said, after average US fuel prices rose by 65 cents per gallon in a month.