Oil Sanctions

New meeting to come after rare direct talks between the countries mediated by US; Netanyahu earlier says Israel about to ‘overwhelm’ part of southern LebanonUS and Iran in indirect talks to extend two-week ceasefireHello and welcome to our live coverage of events in the Middle East.Donald Trump says the leaders of Israel and Lebanon will hold talks on Thursday, after the countries’ first face-to-face diplomatic negotiations in decades.Pakistan’s army chief met with Iran’s foreign minister in Tehran on Wednesday in the latest diplomatic move to ease Middle East tensions and arrange a second round of US-Iran negotiations. Trump said earlier that the war was “very close to over”.Leavitt said a second round of US-Iran talks would “very likely” take place in Islamabad again and that Pakistan was “the only mediator” in the discussions.Major Wall Street stock indices extended an upward climb on optimism about a US-Iran agreement.Israel’s security cabinet met to discuss a ceasefire after the Israel-Lebanon talks mediated by the US in Washington on Tuesday. But the Israeli military continues to strike the country, with Netanyahu saying Israel was about to “overwhelm” the southern Lebanese town of Bint Jbeil, calling it a Hezbollah stronghold.Four Lebanese rescue workers were killed in consecutive Israeli strikes in the southern Lebanon village of Mayfadoun on Wednesday, paramedic groups said. Six others were wounded.The US military’s Middle East command Centcom said it stopped 10 vessels from sailing out of Iranian ports during the first 48 hours of the US naval blockade. But ship tracking data indicated at least three ships sailing from Iranian ports crossed the strait of Hormuz, though some vessels taking the route later turned back.The finance ministers of 11 countries including the UK and Japan called for “coordinated emergency support” from the IMF and World Bank to help countries hit by disruptions from the Middle East war. Continue reading...

• The US Treasury Department imposed sanctions on April 5, 2026, against three Venezuelan oil executives accused of funding electoral fraud that displaced 200,000 migrants toward the US border. • Targets include PDVSA Vice President Carlos Vargas, with assets frozen and US travel bans; Secretary Blinken noted, 'These actions undermine democracy and fuel instability.' • Measures aim to pressure Maduro regime amid humanitarian crisis, where 8 million Venezuelans have fled since 2015, straining US border resources.

Move to allow shipments already at sea comes amid a supply crisis and after US president says he does not ‘want to do a ceasefire’; IDF says it is attacking regime targets in Tehran after missiles fired at Israel from IranUS to send three more warships and thousands more troops, reports sayHow the Iran war has sent shocks rippling across the globeHello and welcome to our continuing live coverage of the US-Israel war on Iran and its repercussions for the Middle East, the world and the global economy.President Donald Trump said on Friday he was considering “winding down” military operations against Iran, as the US temporarily eased sanctions on Iranian oil shipments to stem a global supply crisis.Iran is willing to help Japanese ships sail a vital route for global fuel supplies, foreign minister Abbas Araghchi told Kyodo News in an interview published on Saturday. Japan depends on crude oil imports from the Middle East, most of which transits the strait of Hormuz.Iran fired two intermediate-range ballistic missiles at Diego Garcia but neither of them hit the joint US-UK military base in the Indian Ocean, the Wall Street Journal and CNN reported, citing multiple US officials. The WSJ said one of the missiles failed in flight, and a US warship fired an SM-3 interceptor at the other. Neither outlet confirmed when Iran launched the missiles.One person was killed and two others wounded after an Israeli airstrike hit a house in a town in southern Lebanon early on Saturday, state media said.Trump continued to make his disappointment with the British government known, saying the UK “should have acted a lot faster” in allowing the US military to use its bases in the Middle East.Earlier, Downing Street approved US use of its bases “for the collective self-defence of the region”, including “defensive operations” degrading Iranian missile sites targeting ships in the strait of Hormuz. Britain had previously only allowed US forces to use its bases for operations to prevent Iran firing missiles that put British interests or lives at risk.Araghchi said UK prime minister Keir Starmer “is putting British lives in danger by allowing UK bases to be used for aggression against Iran”. Continue reading...

Move to allow shipments already at sea comes amid a supply crisisUS to send three more warships and thousands more troops, reports sayHow the Iran war has sent shocks rippling across the globeKuwait’s state oil firm KPC said its Mina Al-Ahmadi refinery was hit by multiple drone attacks early on Friday, causing a fire in some units, with no initial casualties reported, the state news agency said.Firefighters responded immediately, with several units shut down as a precaution to ensure workers’ safety. Continue reading...

Treasury secretary Scott Bessent says move will bring 140m barrels to market but insists Tehran will not benefitThe Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US treasury secretary Scott Bessent said.It is the third time the US has temporarily waived sanctions in about two weeks. Continue reading...

US treasury secretary says actions will increase oil supply and bring down prices, but long-term effects in questionThe US may soon remove sanctions on Iranian oil stranded on tankers at sea, the treasury secretary, Scott Bessent, said on Thursday as Washington seeks to curb prices soaring over Iran’s closure of the strait of Hormuz.“In the coming days, we may un-sanction the Iranian oil that’s on the water. It’s about 140m barrels,” Bessent said during an appearance on Fox Business Network’s Mornings with Maria. Continue reading...

• The Trump administration has suspended sanctions on Russian oil stranded at sea, a decision the European Union is actively pushing back against as counterproductive to international pressure on Moscow. • The move reflects competing priorities between managing energy prices during the Iran conflict and maintaining unified sanctions against Russia over its broader geopolitical actions. • EU officials argue that easing Russian oil sanctions undermines the coalition's ability to hold Russia accountable and contradicts the administration's stated commitment to allied coordination.

• NATO leaders have called on President Trump to reverse his decision to suspend sanctions on Russian oil as the Iran conflict creates energy market volatility. • The call reflects concerns among European allies that easing Russian oil sanctions could destabilize energy markets further while undermining coordinated Western policy on Russia. • The disagreement between Trump and NATO allies over Russian sanctions policy during the Iran crisis highlights geopolitical divisions among Western nations at a critical moment.

NATO alliance leaders have called on President Trump to lift the recent suspension of sanctions on Russian oil, citing risks to European security and energy markets following U.S. waivers for stranded cargoes. The plea comes as global gas prices rise, with EU officials pushing back against the U.S. policy shift. Transatlantic friction escalates as Trump prioritizes American consumers, potentially straining alliance unity ahead of summits. Energy experts predict prolonged market volatility if policies remain divergent.

The U.S. under President Trump expanded waivers on Russian oil sanctions to all buyers, including easing restrictions on stranded oil at sea, aiming to tame surging domestic gas prices amid global tensions. EU officials pushed back against the move, while NATO leaders urged reversal of the suspension to pressure Russia. The policy shift matters as it balances inflation control against geopolitical leverage in Ukraine support, potentially providing Russia billions. Next steps include monitoring price impacts and possible congressional pushback before midterms.

EU leaders criticized President Trump's March 13, 2026, decision to lift sanctions on Russian oil, estimating it could provide Moscow with $10 billion for its Ukraine war efforts. Ukrainian President Zelenskyy called the move a direct boost to Russia's 'war machine' amid ongoing Middle East escalations. The policy shift exacerbates transatlantic tensions as Poland's President Duda vetoed EU defense loan access. Analysts warn it risks prolonging conflicts on multiple fronts.

EU leaders criticized President Trump's decision to lift sanctions on Russian oil, arguing it provides Moscow with $10 billion to support its war against Ukraine. Ukrainian President Zelenskyy stated the move 'does not help peace in Ukraine' and enables Russia's war machine. The criticism comes amid Poland's President Duda vetoing legislation for €44 billion in EU defense loans, escalating domestic political tensions. US policy shift highlights transatlantic rift over energy and conflict strategies.

EU leaders criticized President Trump's decision to lift sanctions on Russian oil, arguing it provides Moscow with $10 billion to support its war against Ukraine. Ukrainian President Zelenskyy stated the move 'does not help peace in Ukraine.' The policy shift occurs amid global energy disruptions from the Iran conflict. Polish President Carolski vetoed legislation for €44 billion in EU defense loans, escalating domestic political tensions.

The US announced a 30-day easing of Russian oil sanctions on March 13, 2026, following a joint international release of record oil reserves that failed to curb barrel prices amid the Iran conflict. This move aims to alleviate rapidly rising energy costs for American consumers as global volatility persists. Despite the releases, oil prices remain elevated due to Iran's effective closure of the Strait of Hormuz, through which 20% of world traded oil passes. Analysts warn that prolonged war could exacerbate inflation and economic pressures in the US.

The United States announced a 30-day easing of sanctions on Russian oil on March 13, 2026, following a joint international release of record oil reserves that failed to lower barrel prices amid the Iran war. Global volatility from the conflict, now in its third week, exacerbates inflation pressures worldwide. This temporary measure aims to alleviate rapidly rising US fuel costs, though experts warn it may not suffice as Iran's Strait of Hormuz closure disrupts 20% of global oil trade.

The United States announced a 30-day easing of sanctions on Russian oil exports on March 13, 2026, aiming to alleviate skyrocketing fuel costs amid global supply disruptions from the Iran conflict. Despite a joint international release of record oil reserves this week, barrel prices remain elevated due to the Strait of Hormuz closure. The move seeks to stabilize markets affecting American consumers, where gasoline prices have surged 25% in two weeks. Energy Secretary cited 'extraordinary circumstances' in justifying the temporary relief, with monitoring for compliance.