US says sanctions relief on Russian oil won’t be extended

The Trump administration is unlikely to issue a new waiver allowing countries to buy sanctioned Russian oil as part of any efforts to tame high fuel prices, energy secretary Chris Wright said. “That was a broad-based reprieve,” Wright said Wednesday at an event held by Wall Street Journal. “I don’t think you will see that extended.”

The US treasury had issued the waiver in March allowing for the sale of Russian crude stranded aboard tankers at sea as the war in Iran cut off supply from the Persian Gulf and sent prices surging. It expired April 11. Oil prices are up more than 30% since the war began, driving up prices of gasoline, diesel, jet fuel, fertiliser and other products. Those increases are putting immense pressure on President Trump to keep a lid on consumer prices. Bloomberg