US extends sanctions waiver on Russian oil as supply crunch pushes up Brent crude price

Democratic senators called extension indefensible gift' to Vladimir Putin as supply concerns keep Brent oil above $110 per barrel

The US has announced another 30-day extension of a sanctions waiver allowing purchases of Russian seaborne oil to aid energy-vulnerable" countries hit by the Iran war, reversing plans not to grant an extension.

Treasury secretary Scott Bessent said the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe US sanctions on Russian oil majors, he said.