Trump eases Russian oil sanctions as Iran war sends prices spiking
By Alexander Smith
Published on March 13, 2026.
The United States has temporarily lifted sanctions on Russian oil, a move seen by President Vladimir Putin's team as a boost for the Kremlin amid rising energy prices caused by the American-Israeli assault on Iran. The decision caused concern in Europe, where officials feared it would give a boost to Moscow's war machine as attention shifted from Ukraine to the Middle East. Despite efforts by Europe to wean themselves off Russian energy, oil and gas remain key to the Kremlin's war chest. The announcement did not immediately calm oil prices, which have been rising since Iran closed the Strait of Hormuz oil chokepoint and began attacking energy facilities across neighboring Gulf countries. The international benchmark of Brent crude rose overnight to just over $100 a barrel.
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