economy
March 8, 2026
US ‘unsanctions’ Russian oil amid Middle East crisis
“Unsanctioning” Russian oil may cool the market after the US-Israeli attack on Iran sent global crude prices soaring
TL;DR
- The US has eased sanctions on certain volumes of Russian oil to stabilize global energy markets after the Middle East escalation.
- Global oil prices surged, with Brent crude climbing about 30% and WTI rising more than 38% following US-Israeli strikes on Iran and subsequent retaliatory attacks.
- The US is considering further measures to lower oil prices, including potentially unsanctioning additional Russian oil.
- US Navy ships will begin escorting civilian vessels through the Strait of Hormuz within one to two weeks.
- India, a major buyer of Russian crude, pursues "strategic autonomy" in its energy decisions.
- The Kremlin condemned the US-Israeli strikes on Iran as an "unprovoked act of aggression".
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